Recinto Sur & San Justo Portfolio
MIXED-USE REDEVELOPMENT OPPORTUNITY
Marketing description
This offering features two historic mixed-use buildings in the heart of Old San Juan, Puerto Rico. With a combined area of approximately 29,753 square feet and passenger elevator in each property. These properties are located at the intersection of 251 Recinto Sur Street and 301 San Justo Street, a prime spot in one of the Caribbean's most vibrant districts.
251 Recinto Sur Street comprises 12,769 square feet over four floors plus a cellar. The ground floor is leased on a month-to-month basis to a restaurant, creating a lively dining space. The upper floors include professional office spaces, and the top floor features a luxury apartment with stunning views of San Juan Bay. The rooftop provides an additional outdoor space with panoramic city and ocean views expanding the possibilities for redevelopment with unique amenities.
301 San Justo Street offers approximately 16,984 square feet across four floors. The ground floor is currently occupied by a pizza restaurant on a month-to-month basis. The upper floors are in shell condition, ready for redevelopment into boutique hotel rooms, upscale apartments, or other commercial uses. Both buildings are located in a high-traffic area, making them attractive for businesses and residents alike.
This is a rare opportunity to own a piece of history in Old San Juan, combining cultural significance with redevelopment commercial potential.
Investment highlights
The two properties at 251 Recinto Sur (12,769 square feet) and 301 San Justo (16,984 square feet) present a compelling investment opportunity totaling 29,753 square feet due to the sellers' ability to deliver the buildings vacant or keep the two-ground floor month-to-month tenants during predevelopment. This approach allows the buyer to either benefit from immediate in-place income or vacate the property entirely. Both buildings lie in Puerto Rico’s Opportunity Zone which provide substantial federal tax advantages, including deferring or significantly reducing capital gains tax. Additionally, the property can qualify various investment opportunities under Act 60 of Puerto Rico which provides a variety of tax incentives to both business and individuals investing in Puerto Rico which include, income tax benefits, property tax exemptions, municipal tax exemptions, and tax credits of up to 40% of eligible investment costs. In addition, both buildings can be eligible for Federal Historic Tax Credits. The Properties and location lend themselves to various uses, including residential, restaurant, cafe, retail, hotel, office, and commercial uses. This allows the buyer to tailor the redevelopment to the various market demands.
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