Proven Turnkey STR in the Heart of Miami, Little Havana
Grossed $100k+, Proper zoning, Non-flood zone, MAJOR upside potential
Alex Veytsman
December 03, 2023
The Offer Sheet readers —
We are excited to bring you a deal on a properly zoned, proven STR property in the heart of Miami’s culture district, in Little Havana.
This property did $100k+ in revenue over the last year, but has been optimized to do much more than that as a 5 bedroom for 14 guests, potential projection at $222k!
Below you’ll see:
What makes this property so appealing as an investment
Links and contact info
Actual revenue numbers broken out by month over the last year
More about the neighborhood & property
Let’s go! 👇
➡️ Airbnb link: https://www.airbnb.com/rooms/668061845976417452
➡️ 3D Video Tour: https://my.matterport.com/show/?m=Sd2jkPXbepu
➡️ Listed Price: $749,900
➡️ Gross Revenue last 12 months: $100,000+
➡️ Projected Annual Gross: $187,000 - $222,000
Contact Info:
Agent: Dakota Mivshek
If you would like to make offers, ask questions, arrange appointments, etc. please reach out to the listing agent, Dakota Mivshek at [email protected]
➡️ With more than 50 million visitors last year and events throughout the year, Miami makes for a great STR market. Enter this “Little Havana” property that grossed $100k over the last 12 months, with serious room for upside.
➡️ We are pleased to highlight this perfectly located STR in the heart of Miami’s cultural district. Originally bought by a real estate startup in the area, this property has maintained some impressive numbers over the past year (50%+ occupancy) despite poor management by the owners as this property was operated as an afterthought.
➡️ With some additional focus, there is serious maximization to be had. Estimates for this property operating at the 75th percentile is $187k and 90th percentile is $222k gross revenue per year. (Per Rabbu, 5 bedroom)
➡️ What is most important to call out is that this property was well vetted during the initial acquisition phase & is set up to cash flow from day one.
➡️ Built in 2013, this technical 3 bed, 2 bath home sits on a corner lot walking distance to Calle Ocho and a short drive away from everywhere.
➡️ Furthermore, no worries on the compliance front: Zoned T4-L (STR allowed with no restrictions), Flood Zone X (outside of 500 year flood plain).
➡️ Additionally, the current owners have set up the space to take advantage of maximizing occupancy – set up as a ~5 bedroom with room for 14 guests.
➡️ Also, the interior of the home went through ~$40k of renovations in the past year (Kitchen, interior paint, flooring) and the exterior of the home has available parking for 4 cars and a relatively light touch landscaping.
➡️ Not to mention, the listing price includes hot tub, all furnishings, etc.
Analytics and Revenue Numbers
*Directly from Guesty Portal
*As you can see, there was a transition in management in August and the listing was also taken down in Mid-October ahead of listing the property
More About the Area: Little Havana
Cultural Immersion: Little Havana offers an authentic Cuban experience, allowing tourists to immerse themselves in the rich Cuban culture. From the lively music playing in the streets to the aroma of traditional Cuban cuisine, visitors can truly feel like they've stepped into another world.
Art and Murals: The neighborhood is known for its colorful street art and murals that vividly depict the area's history and culture. Tourists can take leisurely strolls through the streets, discovering beautiful artwork at every turn.
Cuban Cuisine: Little Havana is a haven for food enthusiasts, boasting numerous Cuban restaurants and cafes. Visitors can savor the flavors of traditional dishes such as empanadas, tostones, and of course, the iconic Cuban sandwich. Dining in Little Havana is not just a meal; it's a culinary adventure.
Live Music and Entertainment: The neighborhood comes alive with the sound of live music, particularly along Calle Ocho (Eighth Street). Visitors can enjoy salsa and Afro-Cuban beats, often accompanied by impromptu dance performances. The area's nightlife is dynamic, with many venues hosting live music and dance events.
Proximity to Other Attractions: Little Havana's central location makes it convenient for tourists to explore other popular Miami attractions. The neighborhood is just a short drive away from downtown Miami, the Wynwood Arts District, and the beautiful beaches, offering a well-rounded Miami experience.
More About the Property
KEY FEATURES:
☀ 5 bedrooms; 2 kings, 4 queens, 2 twins
☀ 2 bathroom + bathroom essentials
☀ Hot tub
☀ Fully-equipped, upgraded kitchen with modern appliances
☀ Private backyard with dining set
☀ Outdoor dining area, beach essentials
☀ Washer + dryer
Here Are A Few Kind Words From Our Past Guests:
"Super friendly hosts and the house is cute and quaint. We had a wonderful weekend." - Lena
☆☆ BEDROOMS ☆☆
You'll have a great night's sleep, no matter which room you choose. The beds are exceptionally comfy and the theme is very Miami! There are two master bedrooms with king sized beds. Two bedrooms have two queens and the final bedroom has a twin daybed with a trundle.
☆☆ BATHROOM ☆☆
Two full bathrooms with walk-in showers that are stocked with all the bathroom essentials you could need, including plenty of shower towels, makeup towels, Q-tips, cotton balls, shampoo/conditioner, and body wash.
☆☆ KITCHEN & LIVING ROOM ☆☆
Sit back and relax in the beautiful, miami inspired design of the main living area! With comfy seating, and a smart TV, you will experience the true Miami vibe.
The kitchen has been completely renovated with new, modern appliances and the same bright theme. In the kitchen, you will find a coffee station (stocked with a Keurig, coffee pods, and creamer).
☆☆ OUTSIDE SPACE ☆☆
The truly special piece of this home is the outdoor area. Right off of the back of the house, you will walk into the private backyard with comfy dining seating and an outdoor grill. But best of all, you will find a private hot tub in a tropical oasis setting.