Titled 4-Plex in Prestigious Las Palmas – For Sale by Owner
This historic apartment complex is the only Titled property with COMMERCIAL zoning in Las Palmas!
So many investment return options here! There is currently a high demand for American-style rentals in Puerto Armuelles, and Las Palmas is the best neighborhood in town. Las Palmas was built between the 1930’s and 1950’s by Chiquita Banana Company to house the high level executives in the company. Previously a gated community, Las Palmas has maintained its original class and charm over the years. Large lots with tropical style homes, American engineered to withstand earthquakes and take full advantage of the cooling ocean breezes. The apartments are built up on stilts to allow airflow under the house, oriented to receive the cool breezes with teak louvered windows all around and solid hardwood floors throughout.There are ceiling fans installed in every room to take full advantage of the Pacific breezes that consistently cool the elevated site of this building. The kitchens have native quira-wood cabinets. Most homeowners here don’t ever feel the need to use air-conditioning! It feels like you are in the country, yet it is only a few short minutes walk into downtown Puerto Armuelles. Advertise them for rent and they’ll be filled in a heartbeat! The property even comes with the website url PuertoArmuellesRentals.com to make easier! A great business opportunity!
This Vintage 4-plex is the centerpiece as you enter the Las Palmas neighborhood. The community swimming pool is a few minute’s walk away. The property is slightly elevated and has many mature fruit trees on it, including a few prolific mango trees and numerous citrus trees, Guanabana, Starfruit, Cashews, Avocado, Coconut, and Papaya. There are only 45 homes in the subdivision, about half of those are owned by expats. This is the only available commercial zoned prop in the community. Half of the hectare lot has the apartments on it, the other half can be sold, or built out any way you see fit. There are almost no rentals in the area, and nothing at this standard. It is a short 10 minute walk into downtown Puerto and the beach is just on the other side of the airport, about 6-8 blocks away.This is by far the nicest and most prestigious neighborhood in all of Puerto Armuelles!
We purchased the property two years ago for just under $300,000 and started the rehab process. The apartments have been treated for bees and termites, work has been done to upgrade the electrical and plumbing systems, the water pump and tank have been re-plumbed, and several new light fixtures have been installed. Due to demand of another project in Panama City, this project will not be completed by us as planned. Purchase the entire project for $270,000 OBO. Estimates to get all four units totally rehabbed for rental is about $10-20,000, depending on the quality the new owner wants to include. There is termite damaged wood that needs to be replaced, new light fixtures are needed in some apartments, kitchen and bath upgrades in two units, four back doors, and general painting throughout. The project is fully titled and comes with a well seasoned Panama Corporation with property value below the taxable amount in Panama. No property taxes!
This is a large lot, 1 hectare (About 2 1/2 acres), parcel with a large vintage apartment complex (6500+ sq ft) on one half of the property. There is plenty of room to add another apartment complex or several individual rentals. The second acre could also be parceled off and sold as 5 individual building lots. Re-coop most or all of your investment right there! The apartments consist of four large individually metered units that are about 1600 square feet each. Two apartments are on the first floor and two on the second floor. Three units are 2 bedroom with one bathroom, and the fourth unit is a 3 bedroom with 2 bathrooms.
New sewer lines were just put in by the municipality. There is weekly trash pick-up and a large back-up water storage tank and water pump with pressure tank, enough to supply all four apartments if needed.
One unit is almost tenant ready and was even rented recently. The long term rent for this area would be about $700 per month, furnished. With all four units rented at $2800 per month, less yard maintenance and other expenses, projected cash flow is approximately $2400 per month. Each unit is individually metered for electricity. Live in one unit and NET $1800 per month income!
Other income potential could be received from turning the apartments into a B&B or a private lodge. It could also be very attractive as a short-term rental for vacation travelers. There is ample space on the property to accommodate horses and a small stable could easily be added. There is plenty of room on the second half of the property to build another apartment or individual homes to add more rental income in the future. The vacant half could also be subdivided and sold to home builders for instant return on your investment.There is even the potential to add a restaurant or coffee shop under the building or paid laundry services.
The income options are endless!
*There is also a single family home across the street that can be sold together with the apartments and land at a package price, so you can live in the house and walk over to your apartments across the street and still maintain some distance from your business. Request details HERE.
Details:
- 1 hectare (2 1/2 acres) commercial zoned property at entrance to the exclusive Las Palmas neighborhood
- Four Unit vintage apartment complex, 6500 square feet plus
- Fixer Upper, priced far below market at less than $75,000 per 1600sf unit. Retail value when rehabbed: $95,000 each unit
- Fully TITLED
- The sale of the property includes a Panamanian corporation and the website dedicated to the property rentals at: http://www.puertoarmuellesrentals.com (currently being forwarded to another website).
- Optional – TITLED house across the street (with separate Panama corporation): $125,000
Four-plex on 1 hectare – $270,000
Optional house across the street – $125,000
Total Value: $395,000
Apartments and house are being sold separately, but can be combined for a package discount:
PURCHASE all THREE for only: $350,000
Start earning income on your investment today!!!
Contact the owner HERE
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