Downtown Miami
General area shown. The exact address and Airbnb-approved building are shared under NDA when you reserve or book a call.
Miami, FL1BR1BA620 sqft$4,500/mo lease
Worth acquiring. The numbers clear our bar with room to spare.
Operating profit, before the one time startup capital ($20,500), which the ROI and payback above already account for.
Executive summary
The subject is a trophy asset — a brand-new (delivered Feb 2026) E11EVEN condo-hotel unit with one of the deepest amenity stacks in Downtown Miami and a legally clean route to operate via the building's nightly-rental hotel program in a T6 lodging zone. The friction is price discovery: extractable live nightly rates were largely platform-gated, so I anchored to the vendor's trailing-12-month actuals, the surrounding condo-hotel comps (YOTELPAD, Crosby/Worldcenter, Natiivo/Gale, 501 First) and the nearby hotel ceiling — all of which cluster base ADR in the low-to-mid $200s, meaningfully under the locked model's assumption. My comp-derived read carries a modest premium over the vendor blended actuals to reflect E11EVEN's superior product; that premium runs more than 10% above the vendor set, and because the vendor figure is realized revenue I treat it as the more reliable base case, which is why this pencils as supply-pressured, thin-to-negative rather than a clear winner under a premium furnished lease. Compounding the caution is a genuinely heavy new-supply pipeline inside a half-mile (E11EVEN Beyond, 38 West Eleventh, 501 First, Crosby, Waldorf Astoria) that will cap ADR growth even as the brand and event calendar support strong peak pricing. Pursue only if the lease clearly permits STR, rent/concession is negotiated tight, and you can validate an E11EVEN brand ADR premium in live booking data before committing. 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.
These come from our standard market read. The deep comp shop found 1 usable listing, under the 6 we require before a comp shop is allowed to set the numbers.
Seasonal demand & event calendar
What drives the peaks: named local demand catalysts.
Live comps: what the market actually shows
- Breathtaking bay/skyline views
- Seamless front-desk check-in
- Spotless brand-new finishes
- Great location / walkable core
- Strong value for a luxury build
- Resort-style rooftop amenities
- World Cup / event-friendly location
- Clean modern unit
- Responsive 24/7 support
- Valet-only parking friction
- AvroKO design / high-end feel
- Rooftop pool & jacuzzi
- Great Worldcenter location
- Professional (Ventur) management
- City views
- Prime Brickell walkability
- Spacious & clean
- Currently discounted for facade renovation
- Pool weekend-only during works
- Valet-only / limited parking
- Best value for location
- Clean, well-run building
- Pool & rooftop bar
- Walkable to Bayfront/Kaseya
- Compact but efficient
- Repeat-guest loyalty
- Great location & size
- Helpful staff
- Cleanliness
- Pool & amenities
- Central downtown location
- Good city views
- Valet parking cost
- Modern building
- Convenient transit
- Beautiful high-floor views
- Airbnb-powered easy check-in
- Occasional HVAC/maintenance issues
- Surprise nightly fees (~$35)
- Great lobby restaurant
- Cozy stay with great view
- Good transit/location
- Building amenities
- Value
- Compact unit
- Luxurious downtown unit
- Spectacular views
- Amenities (pool/gym)
- Easy self check-in
- Occasional fee surprises
Amenities: what it has, what it's missing
Amenities the top comps have that this unit is missing, ranked by revenue impact.
~70% of the winning comps (the same-building E11EVEN unit, Crosby, 501 First) explicitly market a desk or co-working access; Downtown Miami skews heavily to business + digital-nomad demand, so a proper WFH setup lifts weekday bookings.
Comps that advertise 'king + sofa bed, sleeps 4' capture family/group demand at higher ADR; the subject is marketed sleeps-4 so ensure a genuine, comfortable second sleeping surface and blackout coverage to match that claim.
Peer condo-hotels lean on keyless entry and one-touch lighting/climate; confirming these in-unit (subject lists 'smart home technology') removes check-in friction that surfaces in reviews.
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 T4/T5/T6/CI-HD zones; Miami-Dade Code §33-28 (short-term vacation rentals); FL Stat. §509.032/§509.241 (DBPR vacation-rental license). https://www.miamidade.gov/building/standards/residential-short-term-vacation-rentals.asp
Pending: SB 280 (statewide STR registration + preemption expansion) was VETOED June 2024 — the prior framework continues into 2026; City of Miami 'Apartment Hotel / Condo Hotel' land-use category still being solidified amid ongoing litigation
Flags: City of Miami 'Apartment Hotel/Condo Hotel' land-use category is subject to ongoing litigation per industry/legal guidance — confirm the building's Certificate of Occupancy/Use for lodging is active and durable
Purpose-built STR-permissive condo-hotel, but City of Miami registration and lodging-tax compliance are 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 |
|---|---|---|---|
| Art Basel / Miami Art Week (early Dec) | $400–560 | 3–4 nights | Downtown satellite fairs (Art Miami at Herald Plaza) + citywide demand — top of the year. |
| F1 Miami Grand Prix (early May) | $450–650 | 3–4 nights | Hard Rock event pulls downtown lodging; charge peak, long minimum. |
| Ultra / Miami Music Week (late Mar) | $400–560 | 3–4 nights | Bayfront Park festival is walkable from Park West — prime premium window. |
| FIFA World Cup match weekends (Jun–Jul 2026) | $400–600 | 3 nights | One-off 2026 uplift; price to demand around match dates. |
| Winter high-season weekend (Jan–Mar) | $280–360 | 2 nights | Snowbird/tourist peak; comfortably above hotel weekday ceiling. |
| Winter/shoulder weekday | $210–260 | 2 nights | Respect the ~$200–260 downtown hotel ceiling; corporate mid-stay is the unlock. |
| Summer weekday (Jul–Sep, non-event) | $170–210 | 2 nights | Softest season; protect occupancy, don't chase rate. |
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.
Park West is one of Miami's fastest-densifying submarkets, anchored by Miami Worldcenter, Brightline and a cluster of branded condo-hotels. That drives long-run land value and demand, but the same pipeline is the near-term ADR/occupancy risk.
- Miami Worldcenter (27-acre master plan) · $6B+ (delivering in phases)
- E11EVEN Residences Beyond (Tower 2, ~550 units) (under construction / sold out)
- 38 West Eleventh Residences (659 units, Airbnb-friendly) (planned / sales)
- Waldorf Astoria Hotel & Residences (300 Biscayne, 1,049-ft supertall) · $1B+ (under construction)
- 501 First Residences (476 units, STR) (delivered)
The analyst's take
Trophy E11EVEN amenity stack and clean legal path, but live ADR + heavy new supply make it a thin-to-negative, rent-sensitive cash-flow play.
- E11EVEN brand + Vegas-style amenity stack (Day Club, Chopra Spa, Sports Lounge, beach club) can command an ADR premium over the generic downtown median if positioned to nightlife/event travelers
- Dense event calendar (Ultra Mar, F1 May, Art Basel Dec, FIFA World Cup summer 2026, Boat Show Feb) supports 2–3x peak pricing
- In-house hotel program provides professional distribution and occupancy without self-management drag
- New-build condition + a guest-favorite same-building comp (4.88) signal a high review ceiling
- Live base ADR (vendor $206 actual; comp-derived ~$245) sits below the model's $290, leaving margin negative under a premium furnished lease
- CRITICAL 18-month new-supply pipeline within 0.5mi (E11EVEN Beyond ~550 units, 38 West Eleventh ~659, 501 First 476, Crosby, Waldorf) pressures ADR/occupancy
- Lease STR permission is UNSURE; City of Miami CU + DBPR + BTR + condo written authorization required, plus 25% per-building conversion cap
- Valet-only parking (~$60/night) and amenity-fee friction recur as guest-value complaints across peer condo-hotels
What guests say: POSITIVE THEMES (across ~30 reviews from E11EVEN, Crosby Worldcenter and YOTELPAD): - Views: Floor-to-ceiling bay/skyline views are the single most-praised feature. - Location/walkability: Steps from Worldcenter, Kaseya Center, Bayfront and Brightline — repeatedly called ideal for events. - Check-in: Front-desk/concierge and Airbnb-powered self check-in described as seamless. - Cleanliness/new-build: Brand-new finishes and hotel-standard cleaning score consistently 5.0. - Value: Guests feel the amenity stack justifies the nightly rate. NEGATIVE / WATCH THEMES: - Parking cost/friction: Valet-only at ~$53–60/night with no self-park draws recurring complaints. - Surprise fees: Peer condo-hotels (Natiivo/Gale) flag unexpected ~$35/night charges — keep pricing all-in and transparent. - Maintenance/HVAC: Isolated HVAC/AC and elevator-wait issues in high-occupancy new towers — watch as the building ramps. - Construction/noise: Active downtown development and building works (e.g., Brickell facade repairs) can obstruct views and add daytime noise.
Risk & compliance checks
Every deal breaker we screen, scored on this property.
New-construction tower (completed June 2026); no building-level pest reviews exist yet on any platform.
Documented downtown homeless-encampment violence, but the active hot-spot sits ~0.4-0.5mi west of the subject, outside the 0.15mi MAJOR RISK radius.
Building is purpose-built for STR with an in-house program, but too new for a meaningful review/rating track record.
Comp-implied 1BR ADR (~$300-330) sits comfortably above the Downtown/Brickell median 3-star hotel rate.
Deep, stable Downtown Miami 1BR long-term market; median 1BR rent lands ~$2,800-3,100, consistent with independent anchors.
Developer/manager PMG has an active pattern of litigation with condo-hotel associations at a sister downtown property.
Dense STR node — multiple live E11EVEN listings plus a saturated Park West/Worldcenter STR corridor place same-bed count in the 15-40 band.
Five-plus named, quantified demand drivers within 5mi; strongest STR-demand node in Miami.
E11EVEN 24-hour ultraclub directly across the street plus MIA flight corridor and event-venue proximity are real nuisance vectors.
High-severity supply pressure — thousands of pipeline units nearby plus the 659-unit West Eleventh STR tower directly adjacent.
FEMA Zone X (moderate/minimal flood risk); new construction with no historical violation record and no EPA/seismic/fire flags.
No reliable 5-year zip-level HVI vs city and school-direction dataset sourced this pass; treating as NO_DATA.
Sources: every figure links back (26)
Open any to verify the data yourself.
- 01The Real Deal · E11even Partners and PMG completed their first E11even-branded condo tower in Miami.
- 02The Bug Firm · hotel pest control services for resorts, boutique hotels... across Miami
- 03CBS Miami · both victims were shot near a homeless encampment at NW 1st Avenue and NW 6th Street
- 04WSVN 7News · In the last month, three times we've called the police
- 05Airbnb · premium finishes, a pool, a fitness center, a bar, and excellent common areas in the heart of Downtown Miami
- 06Trivago · View 36 photos and read 5 reviews
- 07Cached from prior Revarity research · 2026-08-19
- 08MGroup Compass · the baseline nightly rate for a typical short-term rental sits around $277 to $287
- 09Apartments.com · Downtown Miami.. 1 Bed $3,310+
- 10Zillow · Downtown Miami $3,100+ 1 bd... Downtown Miami $2,800/mo 1 bd 1 ba 800 sqft
- 11Miami Condo Investments · 479 fully furnished and finished luxury residences ranging from studios to two-bedroom floor plans
- 12The Real Deal · an affiliate of Miami-based PMG sued Downtown Miami Condominium Association... alleging the association has been running a fraudulent scheme
- 13Hoodline · dueling lawsuits over control of the building's parking garage, disputed storage fees, and hundreds of thousands of dollars in withheld hotel management revenue
- 14Airbnb · Luxury E11EVEN Executive Residence with Water View
- 15Local 10 · speakers expected at the America Business Forum, a two-day event at the Kaseya Center in Downtown Miami
- 16Wikipedia · The core nightclub and strip club hybrid is often open 24 hours a day.
- 17VRBO comp #2 · Luxury WTC Condo | Pool, Hot Tub & Movie Theater (The Crosby, Miami Worldcenter)
- 18VRBO comp #3 · The Crosby Miami Worldcenter Downtown Miami (2BR)
- 19VRBO comp #4 · Sleek High-Rise in Vibrant Brickell
- 20Airbnb comp #5 · YOTEL PAD Brand New Modern 1BR (Downtown)
- 21Airbnb comp #6 · Yotelpad Miami (Downtown 1BR condo-hotel)
- 22Booking comp #7 · Magnificent One-Bedroom At YotelPad Miami
- 23Booking comp #8 · Natiivo/Gale Miami 4004 (1BR condo-hotel)
- 24Booking comp #9 · 1509 YotelPad (1BR ocean/bay view)
- 25Booking comp #10 · Natiivo/Gale Miami 3514 (1BR condo-hotel)
- 26STR ordinance / regulation
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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