Downtown Miami
General area shown. The exact address and Airbnb-approved building are shared under NDA when you reserve or book a call.
Miami, FL1BR1BA600 sqft$3,100/mo lease
Worth acquiring. The numbers clear our bar with room to spare.
Operating profit, before the one time startup capital ($15,800), which the ROI and payback above already account for.
Executive summary
Downtown Miami / Park West is a proven, high-demand urban-core STR submarket, and the standout here is legal footing: the E11EVEN condo-hotel is expressly entitled for 365-day short-term rental with no minimum stay, which is materially cleaner than the gray-market apartment stock most Miami operators fight over. The amenity stack — day club, Chopra spa, rooftop pool, sauna, concierge, valet, food hall — is genuinely differentiated against comps that typically offer only a pool, gym and balcony, and it supports premium positioning and rate defense. The tension is economics rather than legality: comp-median base nightly rates sit a touch below the model's assumption and a furnished-lease rent load compresses annual net toward the middle of our band, so this reads as durable monthly cash flow rather than a runaway winner. The dominant risk is supply — thousands of STR-friendly Worldcenter/Park West units are delivering within half a mile through 2028, which will pressure both ADR and occupancy exactly while the subject is still building its review base in a brand-new (Feb 2026) tower with thin in-building operating history. I would lease and operate it: underwrite to a blended annual ADR, launch below peak to bank reviews quickly in the current soft season, budget the mandatory building/resort fee and valet into net, and lean on the brand and amenity moat to hold rate as new towers open. Note: Comp ADRs shown are base nightly rates. Y1 Net calculations include separate cleaning fee revenue from Revarity locked constants.
The money model
Three honest scenarios: bear (conservative), base (realistic), and bull (stretch). Base is what we underwrite to.
Nightly rate and occupancy are set by 6 live comps we shopped on 2026-08-24.
Seasonal demand & event calendar
What drives the peaks: named local demand catalysts.
Live comps: what the market actually shows
- clean/well-maintained
- easy check-in
- great location
- central location
- comfortable/cozy
- climate control appreciated
- walkable to Kaseya/Bayside
- hotel-style amenities
- brand-new building
- great views
- excellent location/walkability
- immaculately clean
- great bay/skyline views
- helpful staff
- easy parking
- very central location
- good pool/rooftop
- comfortable beds
- parking fee noted
- exceptional/high rating
- steps from shopping district
- spacious with great views
- clean
- short walk to Bayside
- good value
- central
- clean rooms
- sleeps 4 (king + sofa)
- mandatory resort fee noted
- great downtown views
- brand-new 2026 building
- active STR building
- no smoking/pets policy
- mandatory resort fee flagged
- steps from Brightline/Metromover
- resort-style amenities
Amenities: what it has, what it's missing
Amenities the top comps have that this unit is missing, ranked by revenue impact.
Several downtown comps (the 1BR-sleeps-4 near Kaseya and the YOTEL-style unit) lead with a jacuzzi/hot tub; the subject's intake lists pool, rooftop pool and sauna but no hot tub. If the building offers a rooftop jacuzzi, feature it prominently; otherwise the gap is marginal given the broader wellness stack.
Cost, ADR lift and rate targets are estimates derived from the live comp set. Advisory only, never part of the verdict, tier, or Year 1 math.
Regulatory & landlord read
Is short term rental legal here, and who owns/manages the building.
City of Miami — Miami 21 Zoning Code (lodging / 'Apartment Hotel' use permitted in transect zones T4, T5, T6 and CI-HD; E11EVEN at Downtown Miami is a T6 urban-core condo-hotel expressly entitled for lodging). County framework: Miami-Dade Code of Ordinances Sec. 33-28 (short-term vacation rentals) — https://www.miamidade.gov/global/economy/neighborhood-compliance/residential-short-term-vacation-rentals.page ; state: FL DBPR vacation-rental license.
Pending: FL SB 280 (statewide STR registry/preemption) vetoed by Gov. DeSantis June 2024; a renewed statewide-preemption attempt is considered plausible in the 2025–26 session; No City of Miami downtown/T6 STR rollback identified in the last 6 months
[Cached: 2026-08-08] E11EVEN is purpose-built STR-permissive but City of Miami registration and lodging-tax compliance create real cost/risk lines.
Seasonal pricing rate card
Suggested ADR targets by season and the named local events that drive the peaks.
| Period | ADR target | Min stay | Note |
|---|---|---|---|
| Peak event weeks (Art Basel early Dec; Ultra/Miami Music Week late Mar) | $450–600 | 3–4 nights | Biggest weeks of the year; Bayfront Park/Ultra is walking distance — charge what the market bears. |
| Formula 1 Miami GP + major Kaseya Center concert weekends (early May / event nights) | $400–525 | 3 nights | City-wide demand spikes; layer minimum-stay to capture full weekend. |
| Winter high season weekend (Dec–Apr, snowbirds) | $320–400 | 2 nights | Prime tourism window; hold rate above hotel ceiling on weekends. |
| Winter high season weekday (Dec–Apr) | $260–310 | 2 nights | Respect ~$220–260 midweek hotel ceiling but brand premium supports the top. |
| Shoulder (May–Jun, Oct–Nov) | $255–320 | 2 nights | Blend of leisure + corporate; lean on Brightline/Metromover access for mid-week fill. |
| Summer weekday (Jul–Sep soft) | $190–235 | 2 nights | Softest period; discount to protect occupancy and bank reviews — launch window is here. |
Cost, ADR lift and rate targets are estimates derived from the live comp set. Advisory only, never part of the verdict, tier, or Year 1 math.
Neighborhood trajectory
Where this submarket is heading: capital, prices, and the ADR ceiling.
This is one of Miami's most heavily-capitalized growth corridors — institutional retail buyers, Brightline/Metromover transit, Apple/Sephora retail — a strong 5–10yr land-value story. The near-term flip side is a wall of new STR-friendly supply that caps pricing power until absorption catches up.
- Miami Worldcenter master plan (27 acres) — retail sold for $210M April 2026 · $6B+ district, ~8,400 resi units + 500 hotel keys in pipeline (multi-phase, delivering through 2028+)
- E11EVEN Club Residences Beyond (Downtown Miami, sister tower) · part of $262M+ E11EVEN construction program (topping out; ~456–550 units, completion ~2027)
- JEM Private Residences / JEM Miami Worldcenter (Naftali) · $465M construction financing (under construction, ~803 units, completion Q4 2027)
- 600 Miami Worldcenter (606 units) + Downtown 5th/6th (Melo, ~1,000+ units) (under construction, delivering 2026–2027)
- The Crosby Miami Worldcenter (450 units, STR-friendly) (completed)
The analyst's take
Qualified pursue — clean STR legality and a genuine amenity moat, but comp ADR and heavy near-term supply keep it a strong cash-flow play, not a blowout.
- Expressly STR-entitled condo-hotel = clean licensing vs. gray-market Miami comps
- Differentiated E11EVEN brand/nightlife + Chopra spa moat supports a rate premium
- Event-driven demand (Ultra/Miami Music Week, Art Basel, F1, Kaseya Center) enables aggressive peak pricing
- Brightline + Metromover at the door widens corporate & regional guest demand for mid-week fill
- Launch in soft season to accumulate reviews before winter high season and event weeks
- Severe 18-month new-supply pipeline within 0.5mi (Worldcenter/Park West) pressuring ADR & occupancy
- Brand-new building with minimal in-building review history — slow ramp risk on rank/occupancy
- Mandatory building resort/HOA + valet fees ($35–38.50/night at comps) eroding net if not priced in
- Furnished-lease rent load makes annual net sensitive to any ADR/occupancy softening
- Statewide preemption legislation (post-SB280) could shift the regulatory frame mid-lease
What guests say: POSITIVE THEMES (across ~30 reviews from top-3 closest comps): - Location/walkability: guests consistently praise steps-to-Kaseya-Center, Bayside, Worldcenter and Metromover/Brightline access. - Cleanliness: 'immaculately clean' recurs; new-build finishes rate highly. - Views: skyline/bay balcony views are a frequent booking driver and review highlight. - Amenities: rooftop pool, gym and hotel-style service score well; BBQ/rooftop lounge called out. - Staff/host responsiveness: helpful front-desk/host communication noted positively. NEGATIVE / WATCH THEMES: - Mandatory building fees: resort fee ($35–38.50/night) and valet ($43–75) surprise guests — set expectations pre-arrival. - Check-in friction: slow front-desk registration / ID pre-registration requirements draw complaints. - Elevator waits: recurring in these tall towers, especially at peak times. - Nightlife noise: proximity to E11EVEN/Club Space means late-night noise for lower/street-facing units — mitigate with high-floor placement and quiet-hours messaging.
Risk & compliance checks
Every deal breaker we screen, scored on this property.
No pest complaints found for E11EVEN; brand-new Feb 2026 delivery with no infestation history.
Downtown Miami earns a CrimeGrade B (65th-percentile safe) but violent crime runs well above national average.
Active Airbnb listings confirmed at E11EVEN but building just delivered Feb 2026 — extremely thin review history makes performance assessment limited.
[Cached: 2026-08-08] STR comp-implied ADR of ~$300–$330 sits comfortably at 1.1–1.2x the $269 Downtown Miami/Brickell hotel ADR benchmark.
Long-term rent comps at E11EVEN show $2,300–$3,890/mo range; 1BR market rent is stable and well-supported by multiple anchors.
PMG is a 30-year institutional developer with 175+ projects and no documented pattern of STR-operator disputes or deposit issues.
E11EVEN's own building (375–479 units, STR-permissive) plus West Eleventh (659 units) within 0.25mi creates a highly saturated same-building and adjacent-building competitive set.
[Cached: 2026-08-08] Five-plus named, quantified demand drivers within 5mi confirmed; Downtown Miami / Park West is Miami's strongest STR demand node.
[Cached: 2026-08-08] E11EVEN nightclub directly across the street (24-hour ultraclub), plus MIA flight corridor and Bayfront Park event venue within 0.3mi.
[Cached: 2026-08-08] ~4,254 units in Brickell's pipeline plus West Eleventh (659 units, directly adjacent) represent high-severity supply pressure.
Tier 3 — not run. Trigger 'Go Deeper' to add this domain.
Tier 3 — not run. Trigger 'Go Deeper' to add this domain.
Sources: every figure links back (31)
Open any to verify the data yourself.
- 01BedBugReports.com · No E11EVEN-specific entries found; all Miami reports reference other named hotels.
- 02Hoffer Pest Solutions · "In Miami's many condos, duplexes, and older buildings, shared plumbing and wall voids create highways for roaches."
- 03Rehub Miami · "the 65-story Downtown Miami building delivered 375 fully finished and furnished condominiums in February 2026"
- 04CrimeGrade.org · "Downtown Miami ranks in the 65th percentile for safety, meaning it is safer than 65% of neighborhoods."
- 05NestApple · "Its violent crime rate is 186% higher than the national average."
- 06eufy Security · "Homicides and violent incidents have dropped significantly recently, as the city's 2026 crime rate is down from prior years."
- 07Airbnb · "Luxury E11EVEN Executive Residence with Water View" — active 1BR listing at the building.
- 08CondoBlackBook · "A 2026 report ranked Miami as the #10 best Airbnb market in the United States, with 7,236 listings, a 69% occupancy rate."
- 09Zillow · "This 617 square feet Condo home has 1 bedroom and 1 bathroom" — listed at $850,000 for sale at Downtown Miami #2909.
- 10Miami Condo Solution · "There are 29 condos for rent at the Downtown Miami with rental prices from $2,300."
- 11Zillow · "Rent in Miami has decreased by $3 month-over-month" — essentially flat, not a declining market.
- 12CondoBlackBook · "Owners will have the option to enroll in the condo-hotel's short-term rental program."
- 13Adigalpa STR Guide 2026 · "the taxes are 13%, and most condo buildings simply don't allow it" — E11EVEN is among the minority that explicitly do.
- 14Guestable Miami STR Guide 2026 · "You must show your permit numbers on every listing page you create on sites like Airbnb and Vrbo."
- 15Miami-Dade County Official · "Any person or business who rents... for a period of 6 months or less is required to register for a Tourist Tax Account."
- 16E11EVEN Residences Official · "PMG has delivered more than 175 projects across 30 markets over its more than 30-year history."
- 17Miami Prime Management · "We are a local property management company specialized in individually owned units at the Downtown Miami building."
- 18Airbnb · "E11EVEN Residences Luxury Studio" — active listing confirming STR activation within the building.
- 19Miami Condo Investments · "400 fully furnished and finished luxury residences comprised of studios, one- and two-bedrooms."
- 20Marcelo Steinmander / U.S. Census Bureau · "Home to architectural landmarks... Kaseya Center, Adrienne Arsht Center" — confirmed demand anchor cluster.
- 21Wikipedia — E11even · "The core nightclub and strip club hybrid is often open 24 hours a day."
- 22PMG Official · "E11EVEN Club Residences Beyond... ultra-luxury, dual-tower development" — second tower adding further supply.
- 23VRBO comp #2 · Luxury Studio Suite City Views Downtown Miami
- 24VRBO comp #3 · Miami Worldcenter Condo | Hotel Amenities | Sleeps 4
- 25Booking comp #4 · Breezy Stays Luxury Residences - near Kaseya Center
- 26Booking comp #5 · Miami 2BR 1.5 Bath - Steps to Kaseya Center (YOTEL Pad)
- 27Expedia comp #6 · Luxury Apartment Amazing View Downtown Miami
- 28Booking comp #7 · YOTEL / Downtown Miami condo-hotel unit near Kaseya
- 29Expedia comp #8 · 3808 - 1 Bedroom Apt Next to Kaseya Center with Pool, Spa & Gym
- 30Other comp #9 · E11 Studio - EXPH03A (Downtown Miami)
- 31Airbnb comp #10 · Downtown Miami Worldcenter apartment (resort-fee building)
Figures shown are modeled projections from our analysis engine, not guarantees. Verify everything before committing. Some listing data provided by RentCast.
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