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affiliates and/or any third party sources are provided without representation or warranty as to completeness ,

veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental

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Neither KW COMMERCIAL its directors, officers, agents, advisors, or affiliates makes any representation or

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conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to

conduct their own inspections and investigations including through appropriate third party independent

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and reading applicable documents and reports and consulting appropriate independent professionals. KW

COMMERCIAL makes no warranties and/or representations regarding the veracity, completeness, or relevance of

any financial data or assumptions. KW COMMERCIAL does not serve as a financial advisor to any party

regarding any proposed transaction.

All data and assumptions regarding financial performance, including that used for financial modeling purposes,

may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be

provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties

must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy

factors and other issues in order to determine rents from or for the property. Legal questions should be

discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public

accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney.

Questions regarding the condition of the property and whether the property complies with applicable

governmental requirements should be discussed by the party with appropriate engineers, architects, contractors,

other consultants and governmental agencies. All properties and services are marketed by KW COMMERCIAL in

compliance with all applicable fair housing and equal opportunity laws.

ENRIQUE LUIS MONTOYA305.753.9826

enrique.montoya@elmrealestategroup.comLIC: #3425814

BROKER OF RECORD

550 Biltmore Way PH2 A-B

Coral Gables, FL 33134

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ADDRESS 114 MENORES AVENUE

CITY CORAL GABLES, FL 33134

UNITS 8

ZONING 5001: HOTEL

STORIES 2

YEAR BUILT 1925

GROSS SF 5,736

LOT SF 8,250

Zoning 5001 - HOTELS & MOTELS – allows short

term rental/ boutique hotel.

The Menores Eight represent an unprecedented opportunity for an

investor to acquire an eight-unit apartment building within the

community of Coral Gables. The property is zoned 5001 (Hotels &

Motels) allowing for short-term rental flexibility.

Select units have been extensively remodeled with new kitchens,

appliances, and hardwood flooring. 5 of 8 units are outfitted with

furniture and television sets.

Tenants benefit from the property’s superior location within walking

distance from park, tennis and basketball courts, public transportation,

and major employment hubs.

COMMUNITY FEATURES

Brand new foundation finished with permits on February of 2020 with 25 years of warranty from manufacturer and contractor.

Zoning 5001 - HOTELS & MOTELS – allows short term rental/ boutique hotel.*

Pro forma of US$1,675 monthly rent per Zillow estimate.

New plumbing with PVC and CPV including direct connection to the City.

Completely remodeled apartments – 5 apartments include furniture with TVs.

Completely remodeled hallways with LED lights and intelligent motion sensor detectors.

Roof done in 2016. Attic insulation done in August of 2019.

All units with washer and dryers - 6 washers and 5 dryers are under warranty for 5 additional years.

0.3 miles to Publix Supermarket – 5 minutes walking.

0.7 miles to Miracle Mile.

* A new owner interested in short-term rentals and/or the conversion to a boutique hotel, must obtain the appropriate licenses and permits with the City of Coral Gables.

The Spot

1607 Ponce De Leon

Phillips Park

The Minorca

Gables Columbus

Center

Banesco Center

Hotel Colonnade

Banesco Center

Consulate of

Spain

Consulate of

Colombia

HBO Latin

America

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PRICING PROPOSED FINANCING THE ASSET

Price $1,900,000 Down 30% $570,000 Units 8

Price/Unit $237,500 Loan 70% $1,330,000 Year Built 1925

Price/SF $331.24 10 Yr Term Amort Years 30 Gross SF 5,736

GRM 13.39 11.82 Interest Rate 4.00% Lot SF 8,250

Cap 5.42% 5.79% Payments ($6,350) Zoning 5001

Current Market

MONTHLY RENT SCHEDULE

# of Units Type Est. SF Market Rent/SF Current Total Market Rent/SF Market Total

8 1+1 #DIV/0! $1,478 #DIV/0! $11,825 $1,675 #DIV/0! $13,400

$11,825.00 $13,400.00

ANNUALIZED INCOME Current Market

Gross Potential Rent $141,900.00 $160,800.00

Less Vacancy 3% ($4,257) 3% ($4,824)

Scheduled Gross Income $137,643 $155,976

ANNUALIZED EXPENSES Current Market

Property Insurance $7,219.12 $7,219.12

Property Taxes $19,190.38 $30,400.00

Landscaping Maintenance $960.00 $960.00

Water $2,914.28 $2,914.28

Waste $2,637.56 $2,637.56

Electricity $359.00 $359.00

Pest Control $776.00 $776.00

Fire Alarm & Equip $200.00 $200.00

Business Tax & Fire Inspection $478.00 $478.00

Total Expenses $34,734.34 $45,943.96

Expenses/Unit $4,342 $5,743

Expenses/SF $6.06 $8.01

% of EGI 25.24% 29.46%

RETURN Current Market

NOI $102,909 $110,032

Less Debt ($76,195) ($76,195)

Cashflow $26,713 $33,837

Cash on Cash 4.69% 5.94%

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Unit # Type Estimated SF Current Rent Current Rent/SF Market Rent Market Rent/SF

1 1/1 $1,500.00 #DIV/0! $1,675.00 #DIV/0!

2 1/1 $1,550.00 #DIV/0! $1,675.00 #DIV/0!

3 1/1 $1,500.00 #DIV/0! $1,675.00 #DIV/0!

4 1/1 $1,550.00 #DIV/0! $1,675.00 #DIV/0!

5 1/1 $1,400.00 #DIV/0! $1,675.00 #DIV/0!

6 1/1 $1,375.00 #DIV/0! $1,675.00 #DIV/0!

7 1/1 $1,550.00 #DIV/0! $1,675.00 #DIV/0!

8 1/1 $1,400.00 #DIV/0! $1,675.00 #DIV/0!

$11,825.00 $13,400Totals:

The City Beautiful

Coral Gables’ founder, George E. Merrick, imagined both a “City

Beautiful” and a “Garden City,” with lush green avenues winding

through a residential city, punctuated by civic landmarks and

embellished with detailed and playful architectural features. Today,

Coral Gables stands out as a planned community that blends color,

details, and the Mediterranean Revival architectural style; it’s a rare

pearl in South Florida.

The City’s distinct tropical beauty is currently being enhanced by

Fairchild Tropical Botanic Garden’s Million Orchid Project, an

ambitious initiative that will reintroduce one million native orchids to

street trees in Miami-Dade County, including 250,000 in the City

Beautiful. Thanks to the City’s ongoing Tree Succession Project, more

than 3,000 trees and palms are being planted in residential areas

throughout the City.

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Exceptional municipal services, high quality of life, convenient access, responsible growth and a diversified economy make CoralGables a highly desirable location for domestic international investment.

Near major markets and passenger and cargo hubs:

▪ 5-minute drive from Miami International Airport

▪ 15-minute drive from PortMiami

▪ Minutes from downtown Miami

▪ Convenient drive to Ft. Lauderdale Intl Airport & Port

Highly educated and talented multilingual workforce:

▪ More than half of the 50,000 residents are fluent in a second language

▪ Nearly two-thirds of those over 25 have at least a bachelor’s degree, more than twice the county rate

▪ Home of top-ranked University of Miami and Northwestern University's Kellogg School of Management

Executive MBA

Winner of more than a dozen awards including:

▪ Top 5 Most Livable Communities in the World (United Nations-backed LivCom International)

▪ Top 5 Most Beautiful Small Cities in America (Rand McNally / USA Today)

▪ Most Walkable Suburbs in the Country (Wall Street Journal)

▪ Top 10 City to Live Well in America (Forbes)

Known for its elegant surroundings, 47 miles of waterways and tree-lined streets:

▪ Some of the best schools in Miami-Dade County

▪ Fully-accredited Police and Fire Departments

▪ • Easy access to world-class health care

▪ Community programs tailored to all ages

▪ More than 40 parks for outdoor activities (including golf, tennis and water sports)

▪ Plenty of public transit options, including a free trolley

▪ One of the most vibrant dining, shopping and cultural destinations in South Florida

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The Coral Gables economy is comprised of local and international

businesses, but unlike other parts of Florida, it is not influenced by

seasonal shifts. Because of its strong municipal services, high quality of

life, convenient access, responsible growth and a diversified economy,

Coral Gables continues to be a highly desirable location for domestic

and international investment.

The City of 51,000 residents is also centrally located with easy access to

key destinations. Coral Gables is just a short drive from Miami

International Airport and PortMiami, two of the largest passenger and

cargo hubs in the nation, 35 miles from Ft. Lauderdale-Hollywood

International Airport, and just minutes from downtown Miami. A

vintage-style trolley connects many of the commercial districts to

Metrorail, the region’s elevated rapid transit system.

Beautiful boulevards, a thriving arts scene and a bustling downtown are

characteristically Coral Gables. It’s a few of the many reasons why

people choose to make the City Beautiful their home and place of

business. Another reason is the City’s strong financial footing and

favorable tax rate. Our pro-business tax climate means business dollars

go a lot farther in Florida as well; for example, limited corporate taxes

and no state/local personal income tax. Great weather, recreational

opportunities, convenient access to global markets and a highly

educated talent pool makes Coral Gables the right choice.

DEMOGRAPHIC SNAPSHOT

POPULATION 49,700

OWNER-OCCUPIED HOUSING 64%

RENTER-OCCUPIED HOUSING 36%

MEDIAN HOME VALUE $795,600

BACHELOR’S DEGREE + 65.5%

MEDIAN HOUSEHOLD INCOME $100,000

PER CAPITA INCOME $61,668

LAND AREA SQUARE MI. 12.92

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Coral Gables is just 5 minutes from Miami International Airport, the nation’s second-busiest

airport for international passengers with 101 air carriers serving 153 destinations. In 2016,

MIA served 44.5 million passengers and handled more than 2.2 million tons of domestic and

international cargo, making it the top U.S. airport for international freight. The airport has a

400,000-square- foot international arrivals facility for quick access from any of North

Terminal’s 50 gates and an above-ground, automated people mover system that connects

various modes of transportation between Miami, Palm Beach County, Fort Lauderdale and

the Florida Keys, making regional travel easier for residents and visitors.

Only 15 minutes away from Coral Gables, PortMiami is recognized as the “Cruise Capital of

the World” and “Cargo Gateway of the Americas.” The Port, which is home to 18 cruise lines,

handled more than 4.9 million passengers and 8.7 million tons of cargo in 2016.

Additionally, PortMiami is the nearest major U.S. logistics hub capable of handling full laden

post- Panamax vessels. The PortMiami Tunnel, completed in 2014, has doubled the capacity

of truck and cargo movement, while PortMiami’s Rail, completed in 2014, links rail service

from the port directly to the national rail network, allowing goods to reach 70 percent of the

US population within one to four days. PortMiami is ranked the 3rd fastest imports port in

the US by the Journal of Commerce.

Transportation through Coral Gables is free and convenient on the City’s vintage-style

trolley, which connects many of the City’s commercial districts to Metrorail, the region’s

elevated rapid transit system and other transit services. The trolley carries 1.2 million

passengers a year along Ponce de Leon Boulevard between the Douglas Metrorail Station

and Flagler Street, with convenient stops every 1-2 blocks and a trolley running every 10 to

12 minutes. The City of Coral Gables has partnered with Freebee, a fun and innovative

electric vehicle shuttle service, to provide free door-to-door on-demand rides throughout

Downtown Coral Gables.

A C C E S S I B I L I T Y