Income Producing - Prime Development Site

Video: Income Producing - Prime Development Site - FOR SALE

Loíza Street Station is a prime development site situated on 2.02 acres currently improved with a 4-story office building anchored by the US Postal Service along with other supporting commercial-retail structures amounting to 74,940 square feet of rentable area, and strategically located in the heart of Ocean Park, a high-end tourist sector of San Juan, Puerto Rico.

The existing improvements are almost fully occupied (approx. 97%), generating stable cash flows with increasing rental rates. The improvements are fully functional and up to date with current market standards. That being said, the existing improvements represent an interim use since the highest & best use for the property is a higher density mixed-use development, consistent with other neighborhoods within the immediate vicinity.

This unique opportunity is strategically located on the western half of the quadrant delineated by McLeary Street to its North, Loíza Street to its South, Santa Cecilia Street to its East, and María Moczó Street to its West, and just three and a half blocks from Ocean Park beach, very popular amongst locals and known for kitesurfing and beach tennis. Furthermore, Loíza Street Station is integral to the existing vibrant energy and synergy along Loíza Street, characterized by emerging popular local restaurants and stylish nightlife spots. In addition, the Condado Tourist Sector is a short walk to the West.

Recent economic indicators within Puerto Rico and more specifically, within the Ocean Park Sector, include a strong tourism industry with record figures in the past year, aggressive government tourism incentives and potential tax credits, a strong demand and a lack of supply for new construction, and a community with a high level of disposable income, making this asset an ideal investment opportunity with tremendous upside potential.

Loíza Street Station represents an outstanding opportunity to acquire a market leading asset with stable cash flows at pricing consistent with vacant land unitary levels, providing any investor tremendous upside with the development of a higher density mixed use project. There is no similar product available for sale within the open market.

Don't miss out on this prime investment opportunity!

Sales Price: Available Upon Request
Coordinates: Lat: 18.45159039, Lon: -66.05543458
Tax Code #'s: 041-042-183-10; -02; -26; -33; -34; -11; -09; -01; -32; -18; -17; -12 & 041-041-182-09
Land Area: 8,177.2386 Square Meters, equivalent to 2.08 Cuerdas and/or 2.02 Acres
Zoning: CT-2 (Intermediate Density Commercial Tourist) & C-2 (Intermediate Density Commercial)
Flood Classification: X, AE, & 0.2 PCT
Topography: Level, at street grade
Access and Frontage: McLeary Street to its North; Loíza Street to its South; and María Moczó Street to its West
Gross Rentable Area: Approx. 74,940 SF
Construction Materials: Reinforced Concrete and Concrete Blocks
No. of Structures: Seven (7)
No. of Stories: One (1) to Four (4)
No. of Parking Spaces: 148
Occupancy: Almost 100%
NOI: Available Upon Request
Loíza Street Station is located within the highly-desirable Ocean Park sector which extends from the Carrión Court Street on the west, to the Soldado Serrano Street on the east, and from the Baldorioty de Castro Avenue or State Road PR-26 on the south to the Atlantic Ocean on the north.