Maximizing Value Case Study:

Short Term Rental Conversion

Overview

MAGASI successfully led a value-add renovation for Mimo Conversion, a 5-unit property located in Miami’s Mimo District. This project aimed to modernize unit interiors, upgrade the property’s exterior, and resolve issues such as deferred maintenance and below-market occupancy. The result? A dramatic increase in property value, revenue, and guest satisfaction.

Property Details

Location: Miami’s Mimo District
Year Built: 1950
Unit Mix: Studio Units (5 Total), One-story, garden-style building
Size: 2,400 RSF on a 9,000 SF lot

Project Objectives

The owners sought to execute a value-add strategy by:

Maximizing revenue potential while stabilizing the property efficiently.

Enhancing the property’s exterior aesthetics and functionality to attract higher-value tenants.

Transforming the property into a boutique, short-term rental hotel.

Challenges

Before

Results

58% Increase in Property Value

Purchase Price: $950,000
Cap Rate (Assumed): 7.0% Market Value: $1,500,000

18-Day Renovation Turnaround

Complete interior and exterior renovations were finalized within a record 18 days, enabling immediate listing on Airbnb.

5-Month Stabilization

Pre-renovation income: $989 per unit/month.
Post-renovation income: $2,500 per unit/month on average.

After

Our Process

Watch these videos to get a behind the scenes glimpse of our work

Renovations

Interior Upgrades:

Exterior Upgrades:

Investment Summary

Hard Costs
$ 0
Soft Costs
$ 0

Conclusion

Through its meticulous project management, design expertise, and commitment to maximizing returns, MAGASI transformed the Mimo Conversion into a thriving boutique rental property. With modernized interiors and revitalized exteriors, this project not only exceeded investor expectations but also underscored MAGASI’s reputation for delivering exceptional value-add solutions.

Testimonials

See how our dedication to quality and professionalism has earned the trust of our clients. Our focus on
excellence and attention to detail has consistently resulted in positive outcomes. Read their stories to
learn more about how our property management services make a real difference.

Absolutely incredible!!! Words cannot describe the promptness and professionalism. I work with Maty and she’s unreal, to say the least. There is no way I could have managed my property like her or without her. From setting up contractors for construction, to stocking my unit with food, drinks, towels, sheets and all essentials to being amazingly organized, she is the best! I highly recommend Maty and MAGASI.

Hiten G
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