Short-Term Rental Yield Analysis
THE LOFT DOWNTOWN II · Residence 912
133 NE 2nd Ave # 912, Miami FL 33132 · 2 Bed / 2 Bath · 1,036 sq ft · Built 2007
$469,000BayShort-term allowed
AirDNA's own Rentalizer run for this address projects $59.1K/yr (76% occ, $213 ADR) — but that's a blended average across 15 comps, and the 7 highest-ADR ones ($257–$407/night) are nicer, higher-tier downtown condos, not budget-tier lofts. The one comp that's actually the right tier — and the right building — is The Loft I, the sister property one block over: a real, operating listing (4.8★, 31 reviews) with $29,900 in actual trailing annual revenue at 73% occupancy and a $135 ADR. That's the base case below, not AirDNA's blended number.
| STR revenue basis — The Loft I (same building family, actual revenue) | |
| Occupancy | 73% |
| Average daily rate | $135 |
| Gross annual revenue — base case | $29,900 |
Professionally-managed short-term rental. Base revenue $29,900.
| Gross STR revenue | $29,900 |
| Professional STR management (20%) | −$5,980 |
| HOA ($966 × 12) | −$11,592 |
| Property tax | −$7,070 |
| Insurance (condo, STR) | −$2,000 |
| Utilities + internet | −$2,640 |
| Supplies, turnover, reserves (~4%) | −$1,196 |
| Net operating income (NOI) | −$578 |
Unlevered cap rate = −$578 ÷ $469,000 = -0.1%.
This is not a yield play. At a $469,000 basis the reassessed property tax alone (~$7,070) absorbs most of the STR revenue, so the unlevered return is roughly break-even before debt. The case for this home is appreciation, land value, and personal / split-use — not cash-on-cash. The figures above are the honest STR picture, not a reason to buy on yield.
The same −$578 NOI, two ways to own it.
Same $469,000. Only the STR revenue assumption changes (cap = NOI ÷ price).
I'll walk you through STR set-up, financing options, and run the live numbers for this unit.