Attention investors! Average $125,000 per unit, already strata titled! (Similar PR condos are selling for twice this).Cliffside Apartments are 24 stratified residential rentals, constructed in 1962 as two 12 unit buildings. Seller owns all 24 units and is selling as one package: 4 three-bedroom units, 4 two bedroom and 16 one-bedroom. Almost 20,000sqft of rentable space, for average of 815sqft per unit (only at $150 per sq ft!). Consistent revenues, currently 100% occupied with reliable long-term tenants.
Many units have ocean or city views, all in a quiet private setting. Torch-on roofs replaced in 2015, heating system boilers replaced in 2022 & exterior repainted in 2019 all by qualified contractors.
Further Potential: Owner is currently renting units although re-selling already stratified titles individually, is a clear option. Located on approx. 1.39 acres with potential expansion for 10-12 more units, without rezoning. Additional 3000sqft basement storage available. In-suite laundry project is just one opportunity to increase income.
Growing port-side jobs & strong demand for rentals in PR. Already 6% ROI.Convenient Right of Way through adjoining property or alternative access available.Pride of ownership is evident both inside and out of this well cared for community complex.Contact Gordon or Thai for the details today!
Please call or email Thai or Gordon to arrange an
appointment to view this property today!