Beachfront Re-Development Opportunity in Loíza For Sale

Investment Overview

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.

Investment 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.