Market Sweet Spot in Bella Vista Neighborhood

Market Sweet Spot in Bella Vista Neighborhood

Market Sweet Spot in Bella Vista Neighborhood

For Sale

$3,650,000

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Bedrooms

43

Bathrooms

43

Area

22540 Sq Ft 2094 m2

Year Built

1980

Lot Size

0.166 acres 672 m2
  • Se vende edificio en Bellavista Panama. (1)
  • Se vende edificio en Bellavista Panama. (2)
  • Se vende edificio en Bellavista Panama. (3)
  • Se vende edificio en Bellavista Panama.
  • Se vende edificio en Bellavista Panama.
  • Se vende edificio en Bellavista Panama

Description

If you are looking for path of progress, this is it! This building for sale in Bella Vista, a few blocks from the completely renovated municipal center is surrounded by government offices and nearly $20 million dollars of recent urban renovations that have included two new parks and underground parking.

The property is zoned RM3C2, the highest density mixed use zoning available in Panama and is currently at 90% occupancy. Upside here is spending a bit on renovations, repurposing some of the common areas to become income generators, and waiting for the Metro Line 2A expansion to double the current connectivity in what is Panama’s next downtown hotspot.

This property is 2 blocks from the National Hospital and Metro Stop, 4 blocks from the water and right in the heart of an area that is gentrifying with new businesses, new museums, and new commercial activity. There are several schools and universities in the area as well.

Current rent roll is $22,060 across the 43 identical 1 bedroom apartments which are being rented on average of $570 per month, fully furnished and serviced. The elevator is brand new and under warranty, the property has ground floor retail space which could be divided or repurposed and the rooftop could support additional construction should the new owner decide.

This property is owned under a corporation for easy transfer and sale.

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