Redevelopment Opportunity: 15 Apartments and 4 Retail Locales in 8-Story Building in Old San Juan with Panoramic Views - For Sale

Investment Overview

Built circa 1946, originally as the Puerto Rico corporate headquarters for the Chase Manhattan Bank. In the 1960’s the Bank offices moved to new facilities in the central business district (Hato Rey). The Old San Juan branch remained there until the bank closed operations in the 1990’s. The floors above the ground level remained as commercial office spaces until 2020 when the last tenant moved out. Located right across the street from the famous Old San Juan Banco Popular Building, and less than 400 lineal feet from the Old San Juan waterfront, which is home to the cruise ships pier receiving over 1.6 million passengers per year, this beautiful building represents a great redevelopment opportunity for real estate investors looking to maximize value. The property is currently being converted to a mixed-use building comprising 4 retail locales and 15 residential apartment units. The future owner of this magnificent historic property within the highly coveted and desirable Old San Juan Sector will make the most out of this lucrative investment opportunity. Don't miss this excellent opportunity of owning a great re-development asset in this highly desirable neighborhood characterized by brightly colored buildings dating back to the 16th century surrounded by cobbled streets, recreational plazas, famous Caribbean fusion restaurants, and cool cocktail bars.

Investment Highlights

• Asking Price: $12,600,000
• Site Area: 520.20 square meters or 5,599.39 square feet
• Zoning: C-3 (commercial)
• Tax Code #: 040-002-054-16
• Exempt from paying property taxes up to December 31, 2026
• Coordinates: Lat: 18.46438768, Lon: -66.11581574
• Gross Building Area: 32,900 square feet
• Typical floor plate: Approximately 4,100 square feet
• No. of Stories: 8
• Ceiling Clearance: 10’ to 11’
• Construction Materials: Reinforced concrete
• Design / style: Mid-century modernism
• Last Major Rehabilitation: 1990’s and current (2025-2026)
• Staircases: 2
• Elevators: 1
• Located in an Opportunity Zone designated area.
• Physical condition: The building has operable electrical, elevator and water/waste discharge systems, and is currently being converted into a mixed-use property comprising 4 retail locales and 15 residential apartment units.
• Building Composition:
• Commercial Locales 4
• 1BR-1BA Apartments 4
• 2BR-2BA Apartments 4
• 3BR-3.5BA Apartments 4
• 2-Story: 2BR - 1.5BA + Terrace Apt. 1
• 2-Story: 3BR - 2.5BA + Terrace Apt. 1
• 2-Story: 5BR - 3BA + Terrace Apt. 1
• It is one of the few structures in Old San Juan that has fenestrations on 3 facades – the ample windows give a clear vision to the surrounding historic zone, particularly above the fourth (4th) level where the dynamic San Juan Harbor dominates the views to the South with the Island’s central mountain range as background.
• The eighth level has a rooftop terrace of approximately 1,717 square feet, providing panoramic views of the San Juan Bay and the Old City.