YotelPAD Miami

What the county records at 227 NE 2nd Street

The Miami-Dade County Property Appraiser holds 233 folios at this address. 232 sit in one declaration, 227 NE 2ND STREET CONDO; the 233rd belongs to a neighbouring plat and is the hotel parcel itself, which is not part of the residential condominium and which I have excluded. Of the 232, one is the association’s common-areas folio, leaving 231 saleable homes. The declaration’s common-element shares close complete once two plain errors in the county roll are set aside.

All 231 of those homes are classified RESIDENTIAL — TOTAL VALUE : CONDOMINIUM — RESIDENTIAL. Not one folio in the declaration carries a lodging code. That is worth stating plainly on a page in a condo-hotel section, because the building is marketed on the strength of the hotel brand attached to it.

The homes are small and highly standardised: 386 to 647 square feet, median 515. Seven plans account for 134 of the 231 homes (58%): 446 sq ft (32 units), then 386, 393, 515, 516, 521 and 647 sq ft at 17 units each. The mix is 98 studios, 116 one-bedrooms and 17 two-bedrooms.

For 2026 the county assesses the condominium at $73,169,000, a median of $302,296 per home across a narrow range of $275,439 to $474,190. That narrowness is itself informative — there are no outsized penthouses here skewing the numbers.

What about the “no rental restrictions” claim?

I want to deal with this directly, because it is the reason most people land on a page like this.

A county use code decides nothing about short-term rental in either direction. A lodging classification grants nobody a right to rent, and a residential classification establishes nothing against it. I have measured this both ways this year: one Brickell building is classified lodging top to bottom, and another was financed explicitly as short-term-rental housing, delivered furnished and professionally managed — and every one of its 343 homes is recorded as ordinary residential condominium.

What actually decides the question is three things together: Florida’s state preemption of vacation-rental regulation, the City of Miami’s zoning and licensing rules for the specific address, and the condominium declaration and the association’s rules, which can be amended after you buy. None of the three is in the property record, and none of them is something a listing page should be answering for you.

So my honest position is this: the building was designed and sold around flexible occupancy, and that is a real part of what it is. But check the three-layer question against its primary sources — the statute, the City of Miami’s rules and the condominium declaration — before you rely on rental income, not against any marketing page, including this one.

The 2022 sell-out, and what happened to those buyers

The record holds 312 qualified transactions, and 239 of them closed in 2022 — the original sell-out, delivered in batches through that spring: 13 homes on 12 April, 12 on 11 April, 11 on 28 March, nine on 4 April. Everything since is resale.

Because the building is so standardised, the controlled test is unusually clean here. Holding each floorplate constant against its own 2022 sell-out price:

Every one of those plans has resold above its sell-out price. That is a genuinely good outcome for the 2022 cohort on price. But read the rows across, not just the ends: five of the six peaked in 2023 or 2024 and have come off since. The 446 sq ft plan is down 11.4% from its 2024 high and the 521 sq ft plan down 15.9% from its 2024 level.

One sale needs flagging rather than averaging. On 17 April 2026 a 515 sq ft home conveyed for $198,300: $385 per square foot, against a four-year band of $385 to $1,043 and a median of $874. The county listed it as qualified on 24 August; by 23 September it had reclassified the sale as a transfer between affiliated parties, which is not an arm’s-length price. At 44% of the building’s median it is not a comparable for your apartment and I would want to see the deed before treating it as one. It is in the 2026 row above (the 24 August record); with six sales in that row, it pulls it down.

Who this building suits, and who it does not

This building has traded steadily since the sell-out: 73 qualified resales in four years against 231 homes, about one in 13 a year. For a seller that means recent comparable evidence, and the 2022 developer sales are not part of that count.

It suits a buyer who wants a small, new, standardised downtown apartment at a price around $375,000–$420,000, and who is comfortable that the flexible-occupancy proposition depends on rules that are not in their control. It suits you badly if the entire investment case rests on nightly rental income, because that case is not established by anything on this page.

If you are selling here, the standardisation cuts both ways. A buyer can see exactly what your floorplate has done, because on the seven main plans at least sixteen other people own the identical apartment. Price against your own plan’s recent sales rather than the building median, and if you are on the 386 or 647 sq ft plan, say so: those two are the strongest performers in the table above.

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