The Opera Tower, located at 1750 N Bayshore Drive, in front of Margaret Pace Park consists of 600+ units and 56 floors. As of April 2013 there are approximately 190 units remaining for sale. Studio prices are in the low to mid $300,000s, one bedrooms from $339,000 to $445,000 and two bedrooms from $490,000 to $666,000. This building offers a unique investment opportunity for Miami buyers since it is the only development to offer a guaranteed lease-back program. Purchasers who enter the program will not pay monthly maintenance fees (set at 57c per sq ft), management charges or rental commissions for three years. The developer is offering a 6% return on investment annually, paid to the buyer on a monthly basis. So for example - purchase of a $400,000 unit will generate guaranteed revenue of $24,000 annually for three years, paid to the buyer at $2,000 per month. The building is 100% occupied. The only costs to be paid during this three year period, by the buyer, are annual property taxes and insurance to cover rental liability. Closing costs, for cash purchases, amount to approximately 2-2.5% of the purchase price.
North Bayshore Drive is centrally located next to the Venetian Causeway, a ten minute drive to South Beach. The free metro-mover is a short walk away as is the Adrienne Arsht Center. The Design District, Wynwood and Downtown Miami are all within a five minute drive.