15-UNIT VALUE-ADD EXTENDED-STAYOPPORTUNITYFausto Commercial Realty is pleased to present193 NW 58th Street, a 15-unit multifamily asset inMiami’s improving Little River / Model Citycorridor, just east of NW 2nd Avenue. Built in1926 on a 6,500 SF lot, the two-story property islegally operating as 15 units and currently runsas a high-occupancy extended-stay… Read More / hostel-styleoperation. The asset is renovated, well-maintained, and benefits from strong demanddue to proximity to Wynwood, Midtown, theDesign District, and Miami International Airport.As-is, the property collects approximately$20,600/month ($247,200/year) with estimatedexpenses of ~30%, producing an in-place NOI of$173,040. At the $3,250,000 asking price, theoffering reflects a 5.32% cap rate with stablecash flow.Value-add upside includes adding 12 bathrooms(one per unit) for an estimated $180,000 toconvert the asset into 15 self-contained Airbnbunits. Under conservative assumptions ($135ADR, 65% occupancy, 40% expenses), projectedNOI is approximately $288,000, equating to an~8.4% pro-forma cap rate on total cost—drivenby operational improvement rather thanspeculative rent growth. Read Less
Courtesy of Fausto Commercial Realty Consultants Inc, Vicente Javier Rodriguez, 786-748-7373.
Listing Snapshot
Days Online
88
Last Updated
Property Type
Multi Family
Square Ft.
3,205
Lot Size
0.15 Acres
Year Built
1926
MLS Number
A12011306
Additional Details
Building
Built in 1926, Toal building area: 3205
Lot
0.15 acres
Property
Zoning: 5700
Find The Perfect Home
'VIP' Listing Search
Whenever a listing hits the market that matches your criteria you will be immediately notified.
All listings featuring the BMLS logo are provided by BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed.
Confirm your time
Fill in your details and we will contact you to confirm a time.
