Havana Property

Fausto Commercial Realty is pleased to present 193 NW 58th Street, a 15-unit multifamily asset located in Miami’s rapidly 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 a 15-unit multifamily and is currently run as a high-occupancy extended-stay / hostel-style operation. The asset is decently renovated, well-maintained, and benefits from strong demand driven by proximity to Wynwood, Midtown, the Design District, and Miami International Airport. In-Place Financials (As-Is) The property is currently collecting approximately $20,600 per month ($247,200 annually) with operating expenses estimated at ~30%, resulting in an in-place NOI of $173,040. At the $3,250,000 asking price, the property offers a 5.32% cap rate with stable cash flow in place. While income is strong, the current model relies on a shared-bathroom, bed-count configuration, which limits revenue potential and does not represent the asset’s highest and best use. Value-Add Airbnb Business Plan The investment thesis centers on installing 12 additional bathrooms (one per unit), at an estimated cost of $180,000, to convert the property into 15 self-contained Airbnb units. Using conservative assumptions of a $135 average daily rate, 65% occupancy, and a 40% operating expense ratio, the repositioned asset is projected to generate approximately $288,000 in NOI, equating to an ~8.4% pro-forma cap rate on total cost. This limited-scope renovation unlocks meaningful upside through operational improvement rather than speculative rent growth, offering investors a clear, executable path to enhanced returns.