For Sale US$995,000 - Apartment (no guard), Apartment Building, Commercial, Hotel
Profitable 16-Unit Apartment Complex in San Pedro
PRICE SLASHED! Barrio Roosevelt, San Pedro, Montes de Oca (Costa Rica) – Fantastic apartment complex for sale in a very central location in San Pedro. The apartment building has 16 apartments, each with a bedroom, bath, living/dining area and kitchenette. There is also a laundry area, office area (which could easily be used as an owner’s/manager’s apartment) and lots of storage space. All of the units face a truly amazing garden area, with lush tropical vegetation, fountains and sitting areas that attracts hummingbirds, butterflies, etc.: a fantastic feeling of nature in the city!
There are 700 m2 of construction on two levels (completed in 2006), on a corner lot of 662 m2. All in excellent condition, and it comes completely furnished. Currently with 10 parking spaces (but with room for two more, if desired). All the business licenses and taxes are up to date.
The apartments typically rent for US$550 per month, The units are almost always full, often with long-term tenants (some have been there 5+ years), and usually with a waiting list. Most of the tenants are international professionals, working at the University of Costa Rica, one of the many international foundations/agencies in the area, etc. The rate of return on investment is on the order of 11-12% per year (the books will be available for review by serious clients).
The property is very secure, completely fenced, and with a double-gated entry (each with deadbolt and auto-locking combo-lock keypads). And the owners installed a guard house in front, along the street, for the neighborhood guard. The roof, installed in 2007, is in excellent condition (with heat-resistant paint on both sides), with a life expectancy of 35 years. The owners were personally involved in each step of the construction, prioritizing high quality throughout.
It’s a excellent, profitable, turnkey operation for short-to-long-term apartment rentals. But the hotel could easily be converted to operate as a hotel/hostel, etc.
The location is excellent, within easy walking distance of the University of Costa Rica, Mall San Pedro, the vibrant nightlife of San Pedro, and even to downtown San José. And with easy access to the highway. This is a true gem! And a fantastic investment opportunity! US$995,000 Price just reduced again (previously US$1,395,000)…but still negotiable. BARGAIN!
The Costa Rica Real Estate Group