10 UNIT INVESTMENT SUMMARY 301 ALTARA AVENUE, CORAL GABLES, FLORIDA 33146 THE OFFERING
Price: $5,631,900 Avg Yearly Rent: $304,200 Avg Cap Rate: 5.44% The Astor Companies is pleased to offer a unique sale-leaseback investment opportunity consisting of 10 residential condominium units in Merrick Manor at 301 Altara Avenue, Coral Gables, FL 33146.
Merrick Manor is located in the highly desirable Miami suburb of Coral Gables, a prestigious area that is home to the University of Miami, a substantial employment base, many cultural and entertainment amenities and a rapidly growing residential population.
* Developer will lease back any unit for one year. Developer will pay one year of the HOA and real estate taxes at closing, and will also manage the properties free of charge for one year.
Under A/C Terrace Unit Model Unit Type Price Yearly Gross Rent HOA* Taxes* Type Sq Ft M2 Sq Ft M2 Rent Per Sq Ft Studio 205 A3 592 55 22 2 $399,990 $20,940 $2.95 $3,902 $7,480 1 BD / 1 BA
Studio 305 A6 574 53 0 0 $389,990 $19,740 $2.87 $3,787 $7,293 1 BD / 1 BA
505 B15 1 BD / 1 BA 747 70 55 5 $469,990 $24,540 $2.74 $4,903 $8,789
705 B15 1 BD / 1 BA 747 70 55 5 $479,990 $24,540 $2.74 $4,903 $8,975
509 E9 2 BD / 2 BA 977 91 55 5 $649,990 $35,340 $3.01 $6,444 $12,155
1 BD / 1 BA 532 D5 849 79 65 6 $538,990 $29,340 $2.88 $5,602 $10,079 + Den
536 J6 3 BD / 2 BA 1,219 113 55 5 $749,990 $41,940 $2.87 $7,971 $14,025
609 E9 2 BD / 2 BA 977 91 55 5 $649,990 $35,340 $3.01 $6,444 $12,155
1 BD / 1 BA 634 D6 863 80 64 6 $549,990 $30,540 $2.95 $5,703 $10,285 + Den
636 J6 3 BD / 2 BA 1,219 113 55 5 $752,990 $41,940 $2.87 $7,971 $14,081
Total 8,764 815 481 44 $5,631,900 $304,200 $28.89 $57,631 $105,316
Developed by Merrick Manor | Coral Gables, FL 2 LOCATION - CORAL GABLES
Coral Gables is world-renowned for its tree-lined, canopied streets, historic architecture, ivy-covered mansions, iconic hotels and spectacular shopping.
In the heart of it all, Merrick Manor offers a highly walkable lifestyle within steps of The Shops at Merrick Park and a few minutes from Miracle Mile, acclaimed schools, the city’s thriving business district and the Biscayne Bay Wa- terfront. Merrick Manor also offers a central, commuter-friendly location within ten minutes of Downtown Miami and Miami International Airport.
Developed by Merrick Manor | Coral Gables, FL 3 CORAL GABLES BY THE NUMBERS
GENERAL CORAL GABLES DEVELOPMENT PIPELINE: FOCUS ON BUSINESS DISTRICT • Average Household Income: $120,672 • 57 Commercial & Residential Projects • Unemployment Rate: 3% • 2,619 Residential Units • Median Home Value: 784,000 • 1.7 Million SF Commercial • Bachelor’s Degree: 60% • 646 Hotel Rooms
CORAL GABLES’ POPULATION DEMOGRAPHICS Total Population 50,909 Male Population 24,814 Female Male Female Population 26,095 51.26% 48.74% Percent Change Since 2000 16.3% Percent Change Since 2010 3.2% Median Age 40
120,000 HOUSEHOLD INCOME AND AVERAGE INCOME IN ZIP: 33146 90,000 Median Income Under 25 $22,375 60,000 Median Income 25-44 $53,462 Median Income 45-64 $118,235 30,000 Median Income Over 65 $86,986 0 25- 25-44 45-64 65+
Developed by Merrick Manor | Coral Gables, FL 4 SHOPS AT MERRICK PARK
77 30 sec. 13 Min. Walk Score Upscale Shopping Drive Daily errands do not The Shops at Downtown Miami require a car Merrick Park
Developed by Merrick Manor | Coral Gables, FL 5 WELCOME TO MERRICK MANOR YOU BELONG HERE . . .
Merrick Manor is redefining luxury residential living in square feet of Class A retail and restaurants located on Coral Gables. Located just steps away from the world- the ground floor of the building. Living at Merrick Manor class Shops at Merrick Park, the 10-story building offers means having easy access to everything you need to en- a collection of 227 elegant and modern residences. joy life in the “City Beautiful.” Merrick Manor residents enjoy an unparalleled lifestyle, with shopping, dining and entertainment all within walk- ing distance.
Merrick Manor developer The Astor Companies part- nered with award-winning designer Interiors by Steven G. to curate the interior design and furnishing of the building’s lobby, common areas and model residences. Astor’s extraordinary attention to detail and high-quality finishes are on display in all of the one-to-four-bedroom residences.
Further enhancing the amenity-rich and convenient lifestyle Merrick Manor provides is the nearly 20,000
Developed by Merrick Manor | Coral Gables, FL 6 BUILDING AMENITIES
• Residential Lobby • Business Center with Computer-Ready Desks and Multimedia Screens for Presentations • Residential Services • 24-hour Valet Parking • Heated Resort-Style Saline Pool with barbecue gathering areas • 24-hour Front Desk Concierge Service • State-Of-The-Art Fitness Center • Parcel Pending Lockers • Club Lounge • Ground Floor Retailers • Pet Friendly
Developed by Merrick Manor | Coral Gables, FL 7 SURROUNDING LANDMARK DESTINATIONS
1 2 3
4 5 6
7 8 9
10 11 12
1. Gucci | 2. Mayors | 3. Yard House | 4. Tesla | 5. Lululemon | 6. Jimmy Choo | 7. Landmark Theatres | 8. The Collection | 9. Perry’s Steakhouse 10. Nordstrom | 11. Sawa Restaurant & Lounge | 12. HUGO Boss
Developed by Merrick Manor | Coral Gables, FL 8 IN THE MIDDLE OF IT ALL . . .
PRIME LOCATION University of Miami – 5 Min. away Coral Gables High School – 30 Sec. away Miracle Mile – 6 Min. away Shops of Merrick Park – 30 Sec. away Coconut Grove – 7 Min. away Riviera Golf Course – 4 Min. away Granada Golf Course – 8 Min. away Biltmore Hotel & Golf Course – 5 Min. away Miami International Airport – 15 Min. away
TRANSPORTATION Metrorail – 2 Min. away Coral Gables Trolley – 1 Min. away
SW 40th Street (51,172 VPD)
Ponce de Leon Blvd (21,801 VPD)
SW 42nd Ave (23,351 VPD) SHOPS AT CORAL GABLES MERRICK PARK HIGH SCHOOL IN THE MIDDLE of it all . . .
Developed by Merrick Manor | Coral Gables, FL 9 CLOSE PROXIMITY TO THE WATER
Miami Beach 22 Minutes Away
Downtown Miami 13 Minutes Away
Coconut Grove Marina 7 Minutes Away
Developed by Merrick Manor | Coral Gables, FL 10 MERRICK-MANOR.COM
FOR MORE INFORMATION PLEASE CONTACT: MANNY CHAMIZO III | GLOBAL COMMERCIAL DIRECTOR ONE Sotheby’s International Realty O 305.666.0562 | D 786.453.3171 | [email protected]
Developed by Commercial Sales by
The presentation of this property for sale, rent or exchange is submitted subject to errors, omissions, change of price or conditions, or withdrawal without notices.