193 58th

Description

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 / 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.