Description
15-UNIT VALUE-ADD EXTENDED-STAY OPPORTUNITY Fausto Commercial Realty is pleased to present 193 NW 58th Street, a 15-unit multifamily asset in Miami’s improving Little River / Model City corridor, just east of NW 2nd Avenue. Built in 1926 on a 6,500 SF lot, the two-story property is legally operating as 15 units and currently runs as a high-occupancy extended-stay / hostel-style operation. The asset is renovated, well- maintained, and benefits from strong demand due to proximity to Wynwood, Midtown, the Design District, and Miami International Airport. As-is, the property collects approximately $20,600/month ($247,200/year) with estimated expenses of ~30%, producing an in-place NOI of $173,040. At the $3,250,000 asking price, the offering reflects a 5.32% cap rate with stable cash flow. Value-add upside includes adding 12 bathrooms (one per unit) for an estimated $180,000 to convert the asset into 15 self-contained Airbnb units. Under conservative assumptions ($135 ADR, 65% occupancy, 40% expenses), projected NOI is approximately $288,000, equating to an ~8.4% pro-forma cap rate on total costdriven by operational improvement rather than speculative rent growth.
Details
| MLS # | A12011306 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1926 |
| Days On Site | 118 |
| Listing Provided By | Fausto Commercial Realty Consultants Inc | Vicente Rodriguez |
Features
| SQ Feet | 3,205 |
|---|---|
| Units | 15 |
| Zoning | 5700 |
| Acreage | 6500.00 |
Area Information
| State | FL |
|---|---|
| County | Miami Dade |
| City | Miami |
| Zip Code | 33127 |
| Area | 30 |
| Listing VS Median (in 33127) | |
Price: $3,000,000 low | high Med: $9,000 sqft: 3,205 low | high Med: 1,500 $ / sqft: $936 low | high Med: $6 On site: 118 low | high Med: 20 | |
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Learn More About This Property
| State | FL |
|---|---|
| County | Miami Dade |
| City | Miami |
| Zip Code | 33127 |
| Area | 30 |
| Listing VS Median (in 33127) | |
Price: $3,000,000 low | high Med: $9,000 sqft: 3,205 low | high Med: 1,500 $ / sqft: $936 low | high Med: $6 On site: 118 low | high Med: 20 | |
 | $1,400,000190 Nw 57th StMiami, FL 33127 |
 | $1,400,000190 Nw 57th StreetMiami, FL 33127 |