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$10,000,000

Est. payment - /mo

28,000 SqFt

Active

609 CONDADO AVENUE San Juan, PR 00907

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Sean Bates

sean@realtorseanbates.com +1(813) 413-1147

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Key Details

Property Type Commercial

Sub Type Hotel/Motel

Listing Status Active

Purchase Type For Sale

Square Footage 28,000 sqft

Price per Sqft $357

Subdivision Condado 609

MLS Listing ID PR9110877

Construction Status Under Construction

HOA Y/N No

Year Built 1980

Annual Tax Amount $14,000

Lot Size 10,890 Sqft

Acres 0.25

Property Sub-Type Hotel/Motel

Source Stellar MLS

Property Description

Under Construction. Discover a unique investment opportunity with our newly transformed 35-apartment building, designed specifically for the hospitality and tourism sector. Featuring stylish studios, one-bedroom, and two-bedroom apartments, this strategically located property in Santurce spans approximately 27,991 square feet of usable space and promises great potential for short-term rental revenue or for use as a hotel. As a neighborhood in transition, Santurce is poised for significant growth, reminiscent of the transformations seen in areas like Soho and Brickell. Included in the sale is a 150 kW substation and a 500 kW generator, ensuring reliable power for the building. Originally designed with 70 office units and 16 parking spaces, the property has undergone extensive renovations, including converting the 70 units into 35 larger units with an average size of 580 square feet. More than half of these units, all with their own kitchen, have already been beautifully remodeled and furnished, all with the renovation process nearing completion.The completed third and fourth floors are already generating income, while the rooftop terrace and ground floor spaces—ideal for a restaurant or café—remain to be designed, allowing the new owner to customize these areas to their taste. This flexibility may also make the property eligible for tourism tax incentives, as well as potential for the recently approved Long-Term rents Tax Credits (Act 182). Additionally, we are converting 70 electric meters into 40, with each unit having its own deed and tax number under Puerto Rico's condominium law, allowing for individual unit sales if desired. Our concept aims to fill a unique niche in the hospitality market, bridging the gap between budget accommodations and traditional three-star hotels. We're passionate about infusing the rich culture of Puerto Rico into every corner of our building, showcasing local artists and celebrating the vibrant art scene of Santurce. Invest in a property that not only offers a comfortable stay but also embodies the local culture and community. With the neighborhood's promising trajectory, your perfect hospitality venture awaits!

Location

State PR

County San Juan

Community Condado 609

Area 00907 - San Juan

Interior

Cooling Ductless

Exterior

Parking Features Parking Spaces - 13 to 18

Roof Type Concrete

Building

Lot Description Central Business District, Corner Lot, Near Public Transit, Sidewalk

Foundation Stilt/On Piling

Lot Size Range 1/4 to less than 1/2

Structure Type Concrete

New Construction false

Construction Status Under Construction

Others

Ownership Condominium

Special Listing Condition None

Virtual Tour https://www.propertypanorama.com/instaview/stellar/PR9110877

Listed by ILIA MARTINEZ & ASSOCIATES

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Sean Bates

Team Lead | SL3271378

+1(813) 413-1147

609 CONDADO AVENUE San Juan, PR 00907

Sean Bates

Key Details

Location

Interior

Exterior

Building

Others

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609 CONDADO AVENUE