Par R. , 14:47, 22/11/2008
AVENTURA INN HOUSING FOR STUDENTS OF THE AMERICAN UNIVERSITY OF THE CARIBBEAN
Aventura Inn
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EXECUTIVE SUMMARY
Executive Summary
ASSET FOR SALE
The asset is composed of 3 blocks • Building A: End block of 5 floors / 30 one-bedroom Apartments - FOR SALE • Building B: Centre block of 6 floors / 36 one-bedroom Apartments – RENTED BY OWNER • Building C: End block of 5 floors / 30 one-bedroom Apartments - SOLD
LOCATION The asset is located in the island of St Maarten, Netherlands Antilles.
DESCRIPTION The asset for sale has a total rentable area of 2,772 Square meters (66 Apartments of 42 Square meters each). The asset offers the following amenities: • Common pool, • Fitness room, • Roof terrace with lagoon and sea view, provided with lounge chairs and tables. • Parking space for each unit, watched at night.
TENANCY • 80% of the total rent is generated generally by the students of the American University of the Caribbean (School of Medicine).
Executive Summary
LOCATION PLAN
Executive Summary
KEY INVESTMENTS CONSIDERATIONS - Turnkey operation - High level of occupancy - Strategic location, next to the American University of the Caribbean, - No Property tax, whatsoever. - No capital gain tax. In case of purchase of buildings A and B, you could acquire the asset by the purchase of the offshore company, currently owner of it. Regarding the tax policy in Sint Maarten, offshore companies only pay the TOT (Turnover Tax) of 3% over receipts, and do not pay corporate profit tax in their place of incorporation.
FORECASTS
Description Number of lots Surface sqm per apt Total surface Rental income 2008 per apt Per year 2008 Fees and charges Turn over tax Net rental income 2008 Rental income 2009 per apt Per year 2009 Fees and charges Turn over tax Net rental income 2009 Rental income 2010 per apt Per year 2010 Fees and charges Turn over tax Net rental income 2010
-14% -3%
-14% -3%
-14% -3%
Building A 30 42 1,260 1,200$ 432,000$ -60,480$ -12,960$ 358,560$ 1,300$ 468,000$ -65,520$ -14,040$ 388,440$ 1,400$ 504,000$ -70,560$ -15,120$ 418,320$
Building B 36 42 1512 1,200$ 518,400$ -72,576$ -15,552$ 430,272$ 1,300$ 561,600$ -78,624$ -16,848$ 466,128$ 1,400$ 604,800$ -84,672$ -18,144$ 501,984$
Total 66 2772 950,400$ -133,056$ -28,512$ 788,832$ 1,029,600$ -144,144$ -30,888$ 854,568$ 1,108,800$ -155,232$ -33,264$ 920,304$
Aventutra Inn
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THE ASSET
The asset
LOCATION AND SURROUNDINGS
A North Eastern Caribbean location puts St Maarten in close proximity to the United States. Daily direct flights link major US cities to St Maarten. The Dutch St Maarten, as part of the Kingdom of the Netherlands, is an “Overseas Country and Territory� (OCT) of the European Community, and therefore has also preferential access to the European Community.
The asset is located in Cupecoy. This is a growing area with good quality developments, and a 5 minute walk away from casinos, restaurants, beach and golf course. The Aventura Inn residence is located at only 200 meters from the entrance to the American University of the Caribbean (School of Medicine). The asset is well communicated with the rest of the island and can be easily accessed from the main road.
DESCRIPTION OF THE ASSET The asset is located on a site extending to 4,230 square meters and has a rentable area of 2,772 square meters. Two adjacent blocks compose the asset for sale, for a total of 66 one-bedroom apartments of 42 square meters each. The residence is gated and watched at night. Aventura Inn is provided with the following amenities: a common pool, a fitness room, a roof terrace with lounge chairs with lagoon and sea view, and a parking space for each unit. Block A has been completed in August 2007 and block B in January 2008.
The asset
The asset
PLANS AND PHOTOS
Interior
View from the roof terrace