193 NW 58th St, Miami FL 33127

About this property

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.

Virtual tour

Open the virtual tour (opens the tour provider’s site in a new tab)

Location

MiamiNorth Bay VillageDowntown MiamiBrickellMiami BeachOpen the street map

193 NW 58th St, Miami FL 33127Open in Google Maps

Placed from the listing’s coordinates in the MLS. The street map loads from OpenStreetMap when opened. Coastline © OpenStreetMap contributors.