Interior Km 23.0, PR-187, Medianía Alta Ward
- Asking Price: $3,500,000 or Best Offer
- Construction in-place: Approx. $7,700,000 in as-is construction costs, inclusive of a 60,000 gallons cistern, 535 lineal meters of concrete road, and necessary electrical and water piping in existing units, among others.
- The note holder (financial institution) approved in 2014 a short sale with debt amounting to approx. $15.3M.
- Existing Improvements: 60 apartment units in shell/vandalized state, distributed as follows: 20 one-bedroom garden units; 20 one-bedroom 2nd level units; and 20 two-bedroom PH units.
- Permits: It was once approved for the development of a 192-apartment project to be known as Playa Bahía. The developer redesigned the project to comprise 174 units. The first phase of 60 units was 90% built, but then the economy collapsed and the units were then vandalized.
- Zoning: R-A (High Density Residential) & R-I (Medium Density Residential)
- Tax Code #'s: 066-015-002-45-901; 066-015-002-46-998 & 066-025-002-43-000
- Site Area: 40,269.38 square meters, equivalent to 10.25 cuerdas and/or 9.95 acres
- Flood Classification: Mostly 0.2 PCT with a small portion VE
- Opportunity: This asset represents a great opportunity to acquire a unique beachfront property with its price well below its current replacement cost. This is one of the few remaining assets resulting from the economic meltdown of year 2008.
Property Description
Discover a prime investment opportunity nestled in the vibrant Loíza area. This property, boasting a medium- to high-density residential zoning, and comprising 60 built apartment units in shell state, presents an exceptional chance for a lucrative multifamily development. Situated in an area characterized as touristic/second home in nature, the location offers the potential for a profitable venture. With strategic access to amenities and transportation, this property is poised to attract purchasers seeking a dynamic urban lifestyle in a picturesque setting. Don't miss the chance to capitalize on the potential of this remarkable re-development opportunity.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Land/Development |
| Price: | $3,500,000 |
| Lot Size: | 9.95 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
Conway Village Boulevard
Gonzales, Louisiana
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout