Prime Location Development Site in Condado

Prime development site currently used as a surface parking accommodating approximately 80 vehicles and generating income. The motivated seller is offering this strategic property located at the northwestern corner of Magdalena Avenue and Rodriguez Serra Street in the heart of the Condado Sector of San Juan. The site comprises 2,406.56 square meters of land area and is situated outside a flood-prone area. Due to its central urban location, the site is served by all utilities and services. Improvements on the site include asphalt paving, gate, fences, and an operator’s cabin. Its current residential (R) zoning allows for high-density development, consistent with its surroundings. With minimal new construction and a very strong demand for new housing, any proposed development will benefit from a quick absorption and surging residential values. The motivated seller adds an extra layer of opportunity for potential investors or developers looking to capitalize on this promising real estate venture.

• Ask Price: $7,200,000 OBO
• Site area: 2,406.56 square meters, equivalent to 25,904 square feet and/or 0.59 acres.
• Zoning: Residential (R)
• Flood Classification: Zone X (Outside of Flood Prone Area)
• Site Coordinates: 18.4545757, - 66.0677145
• Property Tax Id: 040-040-015-08, 040-040-015-09, 040-040-015-10 & 040-040-015-11