Large unfurnished apartment with a balcony for rent in Annachiara El Cangrejo
El Cangrejo
If you are looking for an apartment at an affordable…
For Rent
$700
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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