Beachfront Re-Development Opportunity in Loíza - For Sale
For Sale
Marketing description
Property Description
Discover a prime investment opportunity nestled in the vibrant Loíza area. This property, boasting a medium- to high-density residential zoning, and comprising 60 built apartment units in shell state, presents an exceptional chance for a lucrative multifamily development. Situated in an area characterized as touristic/second home in nature, the location offers the potential for a profitable venture. With strategic access to amenities and transportation, this property is poised to attract purchasers seeking a dynamic urban lifestyle in a picturesque setting. Don't miss the chance to capitalize on the potential of this remarkable re-development opportunity.
Location Description
Explore the vibrant community surrounding the property in Loíza, PR. Immerse yourself in the rich culture and history of this lively area, known for its traditional music, art, and cuisine. Located nearby are points of interest such as the beautiful beaches of Piñones, renowned for their stunning natural beauty and diverse local food stands, making the property an ideal location for touristic development. Embrace the dynamic energy and potential that this unique location has to offer.
Investment highlights
Highlights
Asking Price: $3,500,000 or Best Offer
Construction in-place: Approx. $7,700,000 in as-is construction costs, inclusive of a 60,000 gallons cistern, 535 lineal meters of concrete road, and necessary electrical and water piping in existing units, among others.
The note holder (financial institution) approved in 2014 a short sale with debt amounting to approx. $15.3M.
Existing Improvements: 60 apartment units in shell/vandalized state, distributed as follows: 20 one-bedroom garden units; 20 one-bedroom 2nd level units; and 20 two-bedroom PH units.
Permits: It was once approved for the development of a 192-apartment project to be known as Playa Bahía. The developer redesigned the project to comprise 174 units. The first phase of 60 units was 90% built, but then the economy collapsed and the units were then vandalized.
Zoning: R-A (High Density Residential) & R-I (Medium Density Residential)
Tax Code #'s: 066-015-002-45-901; 066-015-002-46-998 & 066-025-002-43-000
Site Area: 40,269.38 square meters, equivalent to 10.25 cuerdas and/or 9.95 acres
Flood Classification: Mostly 0.2 PCT with a small portion VE
Opportunity: This asset represents a great opportunity to acquire a unique beachfront property with its price well below its current replacement cost. This is one of the few remaining assets resulting from the economic meltdown of year 2008.
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