Gables Court Condominiums
Miami, Florida
Building
Stats
- Property Type Multifamily - Low-Rise/Garden
- Year built 2005
- Building size (SF) 42,891
- Size (Ac) 6.42
- Price $9,600,000
Overview
Highlights
Location – Situated in a strategic location within a stable residential community between the affluent municipalities of Coral Gables and South Miami, and proximate to the major intersection of Ludlam Road (SW 67th Avenue) and Bird Road (SW 40th Street), and one mile east of the Palmetto Expressway (SR 826). Excellent infill location.
Significant Sell-Out Potential – Comparable condominium units are selling at prices more than $300 per square foot. A new owner will have an attractive basis in the bulk acquisition of the 39 units which allows a strategy of
selling the condos individually at retail prices. The demand for suburban condominiums and single-family
homes in Miami is intense. Market value of residential communities continue to increase year-in, year-out.
Property Condition – Gables Court consists of privately owned condominiums, boasting top-quality finishes with a full spectrum of resort-style amenities. Overall, the community is in first-rate financial, physical, and structural conditions. Ownership units are well maintained, and many have been “upgraded” with new stainless-steel
appliances and granite kitchen counter tops. Recently, the roofs were replaced in the six buildings.
Discount to Replacement Cost - The Property is offered at a significant discount to today’s replacement cost. Miami is sandwiched between the Atlantic Ocean to the east and Everglades National Park to the west. Land is
scarce for development of residential communities. Land prices are at all-time high, and construction costs
continue to increase. This is a compelling acquisition considering the infill location and quality of the Property.
Walkability – A walk score of 78, and within walking distance to the Bird Ludlam Center, a 191,993 square foot center anchored by Winn Dixie, CVS, Pet Supermarket, Starbucks, Bank of America, restaurants, and professional offices. Also, a short distance is A. D. Doug Barnes Park, a 65-acre family-friendly park with native forest habitats, lake, jogging trails, picnic shelters, playgrounds and integrated activities serving people with disabilities.
Demographics – This area of southwest Miami has a strong and favorable demographic base. Within a three-mile radius of the Property the average household income approximates $110,000, the median home value is over
$480,000. The median age is 43 years old.
Team
Downloads
GC_-_Condo_Rent_Roll_12.31.20.pdf
GC_-_HOA_Budget_2021.pdf
GC_-_HOA_Articles_of_Incorporation.pdf
GC_-_Condo_Rent_Roll_03.31.2021.pdf
GC_-_HOA_Approved_Straight_Reserves_2020.pdf
GC_-_HOA_Approved_Special_Assemt_09.17.20.pdf
GC_-_HOA_Declaration_of_Condominium_-_Pg_1-76.pdf
GC_-_HOA_Approved_Operating_Budget_2020.pdf
GC_-_HOA_By-Laws.pdf
GC_-_HOA_Declaration_of_Condominium_-_Pg_77-141.pdf
GC_-_HOA_Financial_Statements_2020.pdf
GC_-_HOA_Financial_Statements_2019.pdf
GC_-_HOA_Proposed_Special_Assemt_08.27.20.pdf
GC_-_HOA_Notice_No_Tolerance_Parking_05.18.11.pdf
GC_-_HOA_Revised_Rules__Regulations_-_Approved_08.01.13.pdf
GC_-_HOA_Approved_Maintenance_2020.pdf
GC_-_Condo_Rent_Roll_02.28.2021.pdf
GC_-_Condo_Rent_Roll_01.31.2021.pdf
GC_-_Condo_Real_Estate_Taxes_2018__2019__2020.pdf
GC_-_Condo_Inc-Exp_2019_2020__2021_YTD.pdf
GC_-_Condo_Capital_Replacements.pdf
Co-Broker_CA.pdf
Principal_CA.pdf
Gables_Court_Condos_-_OM_(email).pdf
Flyer.pdf
GC_-_AY_Letter_of_Intent_2021.pdf
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