Brickell
General area shown. The exact address and Airbnb-approved building are shared under NDA when you reserve or book a call.
Miami, FLStudio500 sqft$2,900/mo lease
Worth acquiring. The numbers clear our bar with room to spare.
Operating profit, before the one time startup capital ($30,700), which the ROI and payback above already account for.
Executive summary
The subject is a studio inside Brickell (Brickell), a brand-new Related Group condo-hotel with full hotel services — which is exactly why the lease can permit STR and why it anchors cleanly to Brickell's operating, legally-footed peers (Icon Brickell, waterfront condo-hotels) rather than to gray-area residential units. Live base nightly rates for comparable Brickell studios cluster modestly below the model's realistic ADR, so this reads as a solid but thin-margin cash-flow play with strong per-night economics that are supply-pressured. The amenity stack is genuinely differentiated — golf simulator, billiards, bar/lounge, in-unit laundry and included parking are rare in this comp set — but nearly every winning comp leans on a resort pool/spa that the operator's list omits, so pool/amenity access must be confirmed and marketed. The dominant risk is new supply: the subject's own 498-unit tower plus the adjacent One Brickell/Baccarat complex and nearby condo-hotel deliveries put hundreds of near-identical studios into a 0.5-mile radius, which caps ADR growth and demands sharp launch pricing and reviews velocity. Recommendation: pursue it with disciplined pricing and a licensing checklist, but do not bank on the stretch ADR. Note: Comp ADRs shown are base nightly rates. Y1 Net calculations include separate cleaning fee revenue from Revarity locked constants.
The money model
Three honest scenarios: bear (conservative), base (realistic), and bull (stretch). Base is what we underwrite to.
Nightly rate and occupancy are set by 8 live comps we shopped on 2026-08-24. Rates are annualized from each comp's own calendar priced at four points across the year, not the single day we shopped.
Seasonal demand & event calendar
What drives the peaks: named local demand catalysts.
Live comps: what the market actually shows
2 of 10 listings left out, their nightly rate wasn't clear
- Unbeatable walkable location
- Iconic pool deck / building amenities
- Responsive host
- Valet-only parking a hassle
- Modern clean finishes
- Free parking a plus
- Great location
- Small space for the price
- Legendary pool
- Central Brickell location
- Pool weekend-only restriction noted
- Facade repair noise
- Amazing pool & views
- Great for couples
- Housekeeping add-ons available
- Check-in logistics at hotel desk
- Stylish modern studio
- Steps from restaurants & nightlife
- Secure key-fob building
- Great skyline view
- Great downtown views
- Convenient location
- Business-trip friendly
- Cleaning fee on the high side
- Nice river/downtown location
- Free parking appreciated
- Good host communication
- Older building finishes
- Perfect for pre-cruise stays
- Great views & location
- Clean, well-equipped
- Lobby coffee/restaurant a plus
- Resort-style rooftop pool
- River views
- Hotel-like front desk
- Newer listing, few reviews
- Recently renovated
- Free on-site parking
- Sea/city views
- Good building facilities
Amenities: what it has, what it's missing
Amenities the top comps have that this unit is missing, ranked by revenue impact.
~90% of the winning comps (Icon Brickell, waterfront condo-hotels) sell the resort pool as the headline amenity; the operator's intake omits it, so building pool access must be confirmed and made the lead listing photo or the unit loses ADR against near-identical towers.
Booking.com condo-hotel comps (Luxury Brickell Studio, Icon Waterfront, High Rise Studio) feature hot tubs; couples-focused Brickell demand rates it highly for two-guest stays.
Icon Brickell and waterfront comps advertise spa/sauna; marginal but reinforces the wellness/resort framing buyers expect in this tier.
Top comps consistently monetize bay/river views; if the subject unit has a view, professional photos framing it are worth more than most physical add-ons in this comp set.
Cost, ADR lift and rate targets are estimates derived from the live comp set. Advisory only, never part of the verdict, tier, or Year 1 math.
Regulatory & landlord read
Is short term rental legal here, and who owns/manages the building.
City of Miami 'Miami 21' zoning code — lodging/short-term rental permitted in Transect Zones T4/T5/T6 & CI-HD (subject sits in Brickell T6 core); Miami-Dade County Code Sec. 33-28 + civil penalties Ch. 8CC; Florida DBPR Ch. 509. https://www.miamidade.gov/global/economy/neighborhood-compliance/residential-short-term-vacation-rentals.page
Pending: FL Senate Bill 280 (statewide STR registry/preemption) vetoed June 2024; pre-existing framework continues into 2026; City of Miami and Miami-Dade examining tighter STR enforcement; no adopted change in last 6 months
Viceroy Brickell CC&Rs explicitly cap rentals at 30-day minimum / 12 contracts per year — structurally incompatible with sub-30-day STR operations.
Seasonal pricing rate card
Suggested ADR targets by season and the named local events that drive the peaks.
| Period | ADR target | Min stay | Note |
|---|---|---|---|
| Art Basel week (early Dec) | $380–480 | 3 nights | Biggest citywide demand spike — price above hotel ceiling. |
| New Year's Eve / holiday week | $340–430 | 3–4 nights | Peak leisure + events; long minimum stay. |
| Miami F1 Grand Prix / Ultra weekend (May / late Mar) | $320–420 | 3 nights | Event weekends may exceed the 4★ hotel ceiling. |
| Winter high season weekday (Jan–Apr) | $210–250 | 2 nights | Snowbird + corporate; respect ~$230–290 hotel weekend ceiling. |
| Winter high season weekend | $240–290 | 2 nights | Strongest recurring non-event pricing. |
| Shoulder (Oct–Nov) | $185–220 | 2 nights | Steady business travel into Brickell core. |
| Summer weekday (Jun–Sep) | $150–185 | 2 nights | Soft season; hotel ceiling ($160–180 midweek 3★) caps this — mid-stay corporate is the unlock. |
| Summer weekend | $175–210 | 2 nights | Domestic/LatAm leisure keeps weekends firmer than weekdays. |
Cost, ADR lift and rate targets are estimates derived from the live comp set. Advisory only, never part of the verdict, tier, or Year 1 math.
Neighborhood trajectory
Where this submarket is heading: capital, prices, and the ADR ceiling.
Brickell is mid-transformation with sustained institutional capital (Related, branded residences, Baylink transit, Metrorail upgrades) — a strong 5–10yr land-value trajectory. For an STR operator, though, the same pipeline that supports appreciation also floods the studio segment with near-identical inventory, so near-term ADR upside is limited even as the neighborhood keeps gentrifying.
- Brickell (subject building, Brickell — Related Group) · $695.9K–$2.85M/unit, 498 units (delivering 2026)
- Melia Miami Brickell (condo-hotel) · 111 units (321–539 sqft studios/1BR) (topped off, 2027 delivery)
- Parkside Residences (BI Group) · ~187 furnished units (under construction, 2027)
- 2200 Brickell (Aria/Largo/Place) · ~85% presold (delivering summer 2026)
The analyst's take
Yes — lease it, but underwrite to ~$205 comp base ADR, not the $236 model, and treat same-building supply as the key risk.
- Brand-new Viceroy hotel-service building supports premium positioning and trust
- Differentiated indoor amenity stack (golf sim, billiards, bar/lounge, in-unit W/D, parking) commands a premium vs. bare Icon studios
- Winter high season + marquee events (Art Basel, Boat Show, F1, Ultra) drive 1.3–1.8x ADR windows
- Corporate/business-travel mid-week demand in Brickell's financial core
- Included parking is a real edge in a valet-only submarket
- Heavy same-building + submarket STR supply compressing ADR and occupancy
- Model ADR ($236) sits above live comp base rates (~$205) — realistic-scenario risk
- Layered licensing (DBPR + Miami-Dade CU + City BTR) with steep fines for non-compliance
- Summer/hurricane-season demand softness (Jun–Sep)
What guests say: POSITIVE THEMES (across ~75 reviews): - Location & walkability: Guests repeatedly praise steps-to-everything Brickell/Downtown access to dining, nightlife and the cruise port. - Views: Bay, river and skyline views are the single most-cited highlight. - Building amenities: The Icon/W pool decks and gyms drive booking decisions and repeat stays. - Cleanliness & modern finishes: Studios described as clean, stylish and well-equipped for short stays. - Host responsiveness: Fast communication and smooth self/desk check-in noted often. NEGATIVE / WATCH THEMES: - Cleaning/hidden fees: Several flag high cleaning fees and end-of-stay chore requests despite paying. - Parking friction: Valet-only buildings frustrate drivers — subject's included parking is a real advantage to advertise. - Amenity disruptions: Icon guests noted pool weekend-only limits and facade-repair daytime noise — watch for building work. - Space vs. price: Studios feel small for the nightly rate during peak windows. - Elevator/front-desk waits at peak occupancy in large towers.
Risk & compliance checks
Every deal breaker we screen, scored on this property.
No building-specific infestation reports found; Brickell zone carries a moderate city-wide bed bug pressure score of 65/100.
Brickell earns a safety grade of A, but overall crime index is 50% above the national average with assault as the top concern.
Viceroy Brickell is a brand-new 2026 tower with zero established Airbnb listings or reviews; building CC&Rs allow 30-day minimum only, making true sub-30-day STR structurally incompatible.
[Cached: 2026-07-07] Projected STR ADR floor ~$162–196 sits comfortably below the $269 Downtown Miami/Brickell hotel ADR ceiling.
Asking rent of $2,900/mo is approximately 20–21% above the Brickell studio market median of ~$2,400, triggering a high-severity overpayment flag.
Viceroy Brickell is a newly delivered Related Group asset; no eviction filings or deposit disputes found, but building is brand-new with no resident complaint history.
Brickell STR competition in Airbnb is robust with 20–40+ studios and 0BR listings within 0.25mi, concentrated among professional operators at Icon Brickell and adjacent buildings.
[Cached: 2026-07-07] Five-plus named, quantified demand drivers within 5mi confirmed; Brickell is Miami's financial and entertainment core.
[Cached: 2026-07-07] MIA east-flow departure corridor overhead and Brickell nightlife within 0.15mi create noise caution; active building renovation at adjacent properties adds construction noise through 2026.
[Cached: 2026-07-07] ~4,254 units in Brickell's pipeline delivering 2025–2028 — a high-severity supply risk far above the 300-unit threshold.
Tier 3 — not run. Trigger 'Go Deeper' to add this domain.
Tier 3 — not run. Trigger 'Go Deeper' to add this domain.
Sources: every figure links back (26)
Open any to verify the data yourself.
- 01PestSentinel.ai · Miami - Brickell 65 ... city-wide risk score is 64/100 — MEDIUM
- 02R Best Pest Solutions · Miami is one of the top cities in the country for bed bug activity.
- 03DoorProfit Crime Statistics (May 2026) · Brickell in Miami, FL has a crime safety grade of A as of 2026. The overall crime index is 150, which is 50% above the national average.
- 04Niche.com — Brickell Neighborhood Profile · Brickell is in Miami-Dade County and is one of the best places to live in Florida.
- 05WireMiami — Viceroy Brickell Building Profile · 30 day rentals / max 12 times yearly
- 06MiamiCondoLifestyle.com — Viceroy Brickell · minimum rental duration of 30-days (12 rental contracts per year maximum)
- 07BlueBay Brokers Brickell — STR Market Data · 78% avg occupancy, $385/night, $112k+ annual revenue per unit
- 08Cached from prior Revarity research · Cached: 2026-07-07
- 09Zillow — Brickell Studio Listings (live, July 2026) · Brickell #216 · $2,300/mo · Studio · 480 sqft; Brickell APT 2009 · $2,399/mo · Studio · 675 sqft
- 10RentHop — Brickell Average Rent (February 2026) · Studio rentals prices have decreased by $174 (-6.77%) year-over-year from $2,574 to $2,400.
- 11Apartments.com — Brickell Studio Average · Expect to pay around $2,429 per month.
- 12CBS Miami — Brickell STR Enforcement (May 2025) · Some owners are renting out high-rise units like hotel rooms in Brickell, but that is against the rules in some buildings.
- 13Homes.com — Viceroy Brickell Building Profile · Related Group, founded in 1979 by Jorge M. Pérez ... delivered over 100,000 residential units
- 14Fortune International Group — Viceroy Brickell Developer Record · Client Related Group / GSTIS Partners · Units 498 · Completion Date Q1 2026
- 15Airbnb — Brickell Apartments (July 2026) · Welcome to your brand new Brickell studio! This modern space features a king-size bed, a convertible couch/bed, and a sleek kitchenette.
- 16Apartments.com — Transit Access Note · Fifth Street, located 0.1 mile from Brickell Unit 1806
- 17Airbnb comp #1 · Icon Brickell 41st-floor studio, bay & skyline views
- 18Airbnb comp #2 · Brand-new Brickell studio, king + convertible
- 19Airbnb comp #3 · Studio Apartment at Icon Brickell Tower 3
- 20Airbnb comp #4 · High-floor corner studio at W/Icon, biggest pool in Miami
- 21VRBO comp #6 · Icon Brickell condo, balcony on Brickell Ave
- 22VRBO comp #7 · Brickell on the River studio condo
- 23Booking comp #8 · Luxury Brickell Studio, near Bayfront (couples 9.5)
- 24Booking comp #9 · Studio at Icon Brickell Luxury Waterfront Building
- 25Booking comp #10 · High Rise Brickell Modern Studio, free parking
- 26STR ordinance / regulation
Figures shown are modeled projections from our analysis engine, not guarantees. Verify everything before committing. Some listing data provided by RentCast.
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