El Cangrejo Panama Multifamily Property for sale

El Cangrejo Panama Multifamily Property for sale

El Cangrejo Panama Multifamily Property for sale

For Sale

$5,500,000

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Bedrooms

59

Bathrooms

35

Area

38373 Sq Ft 3565 m2

Year Built

1960

Lot Size

0.54 acres 2186 m2
  • El Cangrejo Panama Building for sale (1)
  • El Cangrejo Panama Building for sale (2)
  • El Cangrejo Panama Building for sale (3)
  • El Cangrejo Panama Building for sale (4)
  • El Cangrejo Panama Building for sale (5)

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.

 

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