Mixed Use Apartment Building For Sale | La Ilusion, Avenida Central

This seven-story mixed-use apartment building for sale is on Avenida Central, one of the city’s busiest and most prominent thoroughfares. It is also three blocks from the newly renovated seafood market and the entrance to the historic district.

Mixed-Use Income Opportunity

The property consists of 66 apartments and 550m² of prime street level retail, providing high visibility for businesses and consistent occupancy over the years. It is structurally and mechanically sound and a fresh coat of paint will be the first thing we recommend to a new owner.

Low Operating Costs, High Returns

This property has very low operating expenses, with monthly utilities and maintenance costs under $2,000. Due to the building’s age, annual property taxes are also very low—less than $3,000 per year—further boosting net profitability. 

The property generates $26,000 per month in rental income, offering investors strong and stable cash flow with NOI coming in at just over $22,500/month. 

The asking price is negotiable. 

There is also significant room for rent increases, given market demand and continued development within the neighborhood. Current zoning permits units in the 04, 05, and 06 lines of the building to be easily converted into two bedrooms, increasing the rent by 30% with minimal capex.

Stable Tenant Mix

Most residents in this apartment building for sale are working class and either walk to work or take public transportation. Nelson Cafe, the anchor tenant, has been in the building for over 20 years and just completed a $20,000 renovation.

Detailed Documentation Available

Available for qualified investors are architectural plans, detailed rent rolls, and complete maintenance records. 

This mixed use apartment building for sale represents a secure, high-return investment opportunity in one of Panama City’s fastest-developing neighborhoods.