Turn key Iconic Casco Viejo 7.2% Cap established tenant

Ave B, Panamá City, Panamá Panama

$6,500,000

Price

 
 
Overview
Description

Spectacular fully renovated old city building of over 14,880 sq ft Boutique hotel and restaurant with a 20 year lease providing a 7.2% cap rate 1.2 % annual lease rate increases. The building is in a prime location, 2 blocks from the Presidential Palace 5 min from Dowtown Panama City and 35 min from Panama's main airport with direct flights to almost 40 countries.
Casco Viejo is the old colonial quarter of Panama Cityand is a major tourist area, it is a pedestrian friendly area of destination restaurants, shops , night life and high end boutique hotels.
The building is a historic former apartment building that was gut renovated in 2010 into a high end 9 unit Boutique Art Hotel with a ground-floor restaurant, bar and rooftop bar. Th building underwent a second full cosmetic renovation in Nov 2019 with upgraded AC, water heater system and kitchen Equipment. The current tenant that leases the whole building is doing well and wants to stay with a 20 year lease that produces a turn key 7.2% ROI from day one of ownership of this iconic building.
Floor Plan.

Level 100 Ground Floor- Restaurant, Lobby bar, Hotel reception, Kitchen. 4.408 Sq Ft
Level 200 First Floor- Hotel rooms and conference room.. 3.790 Sq Ft
Level 300. Second Floor- Hotel room and admin office. 3.790 Sq Ft
Level 400. Third Floor. Roofbar Terrace, A/C machinery, storage area. 2.893 Sq Ft

Total Sq Ft. 14.881. Sq Ft.

Highlights
  • Stable tenant with 10 year history
  • Appricating location
  • High Cap rate
  • Top location

Location
Gallery