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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 cost—driven
by operational improvement rather than
speculative rent growth.
Source: County GIS attendance zone boundaries. Assignments are based on property location and may change. Use Miami-Dade County Public Schools's official locator to confirm.