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Waterfront · Condominium
$1,199,000$730 / sqft
3 Grove Isle Dr, Miami FL 33133
Listed
2
Bedrooms
2
Bathrooms
1,642 sqft
Interior
1981
Year built
$2,477 / mo
HOA
Condominium
Type
About this home
A rare opportunity to completely reimagine a penthouse residence on exclusive Grove Isle, a private 20-acre island in Coconut Grove. Positioned on the sought-after ’08 line, this home features soaring 9-foot ceilings and breathtaking, unobstructed views of Biscayne Bay, the Atlantic Ocean, Miami skyline and marina. Ready for a complete renovation, the residence offers an extraordinary opportunity to create a one-of-a-kind home tailored entirely to your vision. The generous floor plan includes expansive living and entertaining spaces, two private terraces, and a spacious primary suite with walk-in closet and en-suite bath. Its penthouse elevation, ceiling height and panoramic setting provide an exceptional foundation for a truly custom residence. Enjoy private island living with 24-hour security, heated pool, fitness center, walking and biking paths, marina and more—all minutes from Coconut Grove, Brickell and Downtown Miami.
Features
- Elevator
- Entrance Foyer
- Open Balcony
- Tennis Court(s)
- Bay
- Water View
Leasing
- Minimum lease
- 365 days
- Leases permitted per year
- 1
Leasing terms as stated in the MLS listing, not verified by us. The association’s governing documents control what is actually permitted and can change — confirm before you buy.
Run the numbers
We fill in the price and the building's HOA dues. That leaves tax, insurance and maintenance — they depend on your exemptions, your insurer and the unit, so we don't guess them. Rent starts from what comparable units are asking nearby. Vacancy and the loan terms below start at common defaults; change them.
Median asking rent for 2-bed rentals in Coconut Grove, from 31 active listings; the middle half ask $3,150–$12,000.That is what landlords ask, not what units let for — edit it if you know better.
Our default, not a market figure
From the listing
Depends on assessed value & exemptions
Varies widely by building
Repairs, turnover, management
Cap rate
Cash-on-cash
Monthly cash flow
Net operating income
Enter property tax, insurance, maintenance to see the returns. A cap rate calculated without every cost overstates the deal — often by half — so we don't show a partial one.
Illustration only — not a loan offer, quote, or investment advice. We are not a lender and neither offer nor arrange financing. The loan fields start at 20% down over 30 years at 6.5% (rates as of July 2026); that is a nominal rate for illustration, not an APR, and your actual terms will differ. Cap rate is unlevered; cash-on-cash counts the down payment as invested capital and excludes closing costs.
Listing data from the MIAMI Association of REALTORS® (MIAMIRE) IDX program. Information deemed reliable but not guaranteed. Demo data shown for layout purposes.