84% Leased Multi-Tenant Office 9 Tenants

Premium Office Investment Opportunity: Stabilized Multi-Tenant Asset in Mayagüez, Puerto Rico

This three-story, 24,908 SF multi-tenant office building is situated within Mayagüez's Western Industrial Park, a strategic commercial corridor in western Puerto Rico. With approximately 88% occupancy and a diversified tenant base anchored by a long-term government-affiliated tenant, the property delivers stabilized in-place cash flow — a Net Operating Income of $175,437 (a 9.2% going-in cap rate at the asking price) — with additional upside as the remaining subdivided 3rd-floor suites complete lease-up.

Financial Summary:

• Asking Price: $1,900,000
• In-Place Net Operating Income (NOI): $175,437
• Going-In Cap Rate: 9.2% (in-place), rising to approximately 10.0% at stabilization
• Gross Rental Income: $275,962 (in-place, including expense recoveries)
• Occupancy: approximately 88%
• Price per Square Foot: approximately $76 (GBA)

Location Advantages:

• Adjacent to the University of Puerto Rico — Mayagüez Campus (UPRM)
• Close proximity to Mayagüez Medical Center and Hospital Bella Vista
• Walking distance to Western Plaza and Mayagüez Mall retail centers
• Direct access to PR-2, PR-114, PR-2R, and PR-102 highway corridors

Building Specifications:

• Total Building Size: 24,908 +/- square feet (GBA)
• Rentable Area: 19,990 SF on three (3) stories
• Reinforced concrete construction
• Central Air Conditioning System and elevator
• 63 surface parking spaces
• Generator and water tank
• Urban Residential (R-B) Zoning

Property Details:

• GPS Coordinates: 18°10'6.2"N, -67°9'13.9"W
• Address: Lot B-6, Western Industrial Park, Ingenio Street, Guanajibo Ward, Mayagüez, PR

Investment Highlights:

• Stabilized cash flow at approximately 88% occupancy with a diversified, multi-tenant rent roll
• Government-affiliated anchor tenant occupying the entire 2nd floor through August 2028
• In-place NOI of $175,437 (9.2% going-in cap rate), projected to rise toward $190,000 (approximately 10.0% cap) as the remaining 3rd-floor suites complete lease-up
• Recent lease renewals and new leases demonstrate active rent growth and tenant retention, including a renewal at $14/SF
• Priced at approximately $76/SF (GBA) — well below replacement cost — with a going-in cap rate that exceeds prevailing financing rates (positive leverage)
• Near-term upside: approximately 2,100 SF of move-in-ready, subdivided 3rd-floor suites remaining for lease-up

Contact Information:
For more information about this investment opportunity or to schedule a tour, please contact Binswanger Puerto Rico at 787-525-4435. Edwin A. Hernández López, SIOR CCIM, Managing Director, is available to discuss the full rent roll and investment analysis with qualified parties.