Investor Alert: Spacious Apartment In El Cangrejo Ready To Move
El Cangrejo
This apartment, located in El Cangrejo, is a really interesting…
For Sale, Price Reduced
$225,000
Description
Plenty of opportunities for increasing cash flow on this building including dividing units, expanding the street-level retail offering and building additional units on what is an abnormally large parcel of land located in Panama’s most popular walking neighborhood, El Cangrejo.
This is an older building that is currently 90% rented and consists of three apartments per floor for a total per floor footprint of 445 meters.
*Family is keeping the sale private, pictures are available upon request!
Current rental $/m2 is just under $6.00 with the neighborhood average for buildings in this location closer to $8.00/m2.
Tenants are currently on month to month leases for easy conveyance and/or vacancy to start remodels.
Estimated remodel will be around $200,000 to add an additional $6,000/month in income, currently at $23,000.
Building consists of 3 commercial spaces, 24 apartments, 27 parking spaces and lots of potential upside. RM2 zoning with potential to build above where the parking is currently.
El Cangrejo is one of the most transited in the city and surrounded by hotels, banks, parks and middle to upper middle class housing.
Full building financials including rent roll and expenses are available.
Search For Something Similar
Shiny Three Bedroom Apartment for rent in Zaphiro!
El Cangrejo
The brand new apartments in Zaphiro were designed with comfort…
For Rent
$1,600