Middle Income Sweet-spot: Multifamily Building For Sale

Middle Income Sweet-spot: Multifamily Building For Sale

Middle Income Sweet-spot: Multifamily Building For Sale

For Sale

$5,500,000

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Bedrooms

45

Bathrooms

89

Area

61139 Sq Ft 5680 m2

Year Built

2019

Lot Size

0.198 acres 800 m2
  • Panama City, Panama Multifamily Building for sale
  • Panama City, Panama Multifamily Building for sale
  • Panama City, Panama Multifamily Building for sale
  • Panama City, Panama Multifamily Building for sale
  • Panama City, Panama Multifamily Building for sale
  • Panama City, Panama Multifamily Building for sale
  • Panama City, Panama Multifamily Building for sale

Description

This one year old property is tax exonerated for 19 years, is 5 blocks from the Metro Station, and was built with the idea of renting. It is being sold by the sole owner and is 100% occupied with 95% of the rent roll coming in on the first 5 days of every month.

This property is a market sweet spot and there are very few like it in Panama! Comparable properties are usually at least 20 years old or owned by dozens of owners.

Rents average between $600 – $800 per month (or $7 – $10 per meter, per month), so the target is middle class workers, young families, and foreigners who cannot qualify for mortgages . There are 6 apartments per floor with a total of 45 apartments and 45 parking spaces.

The building includes
-Video Monitoring
-Backup Power Generator
-20,000 Water Tank
-Onsite Administration Office
-2 Parking Levels

Current rent roll is just under $31,000 with low operating costs and quality building materials. The price is negotiable, inquire today for a cost and income summary.

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