Beachfront Re-Development Opportunity in Loíza For Sale

Highlights

• Asking Price: $3,500,000 or Best Offer
• Construction in-place: Approx. $4,200,000 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.

Location

Getting Around

• Walk Score ®

  25/100 Car-Dependent

Points of Interest