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609 Condado Avenue

SAN JUAN, PR 00907
  • $10,000,000
  • STATUS: Active
  • ON SITE: 37 Days
  • MLS #: PR9110877
$10,000,000
  • 0
    BEDS
  • 0.25
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1980
County:
Area:

School Ratings & Info

Description

Under Construction. Discover a unique investment opportunity with our newly transformed 35-apartment building, designed specifically for the hospitality and tourism sector. Featuring stylish studios, one-bedroom, and two-bedroom apartments, this strategically located property in Santurce spans approximately 27,991 square feet of usable space and promises great potential for short-term rental revenue or for use as a hotel. As a neighborhood in transition, Santurce is poised for significant growth, reminiscent of the transformations seen in areas like Soho and Brickell. Included in the sale is a 150 kW substation and a 500 kW generator, ensuring reliable power for the building. Originally designed with 70 office units and 16 parking spaces, the property has undergone extensive renovations, including converting the 70 units into 35 larger units with an average size of 580 square feet. More than half of these units, all with their own kitchen, have already been beautifully remodeled and furnished, all with the renovation process nearing completion.The completed third and fourth floors are already generating income, while the rooftop terrace and ground floor spacesideal for a restaurant or cafremain to be designed, allowing the new owner to customize these areas to their taste. This flexibility may also make the property eligible for tourism tax incentives, as well as potential for the recently approved Long-Term rents Tax Credits (Act 182). Additionally, we are converting 70 electric meters into 40, with each unit having its own deed and tax number under Puerto Rico's condominium law, allowing for individual unit sales if desired. Our concept aims to fill a unique niche in the hospitality market, bridging the gap between budget accommodations and traditional three-star hotels. We're passionate about infusing the rich culture of Puerto Rico into every corner of our building, showcasing local artists and celebrating the vibrant art scene of Santurce. Invest in a property that not only offers a comfortable stay but also embodies the local culture and community. With the neighborhood's promising trajectory, your perfect hospitality venture awaits!

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© 2025 My Florida Regional MLS DBA Stellar MLS. All rights reserved. All listings displayed pursuant to IDX. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing information is provided for consumers personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Data last updated 2025-02-13T23:43:36.287.
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609 Condado Avenue SAN JUAN, PR 00907

  • Price: $10,000,000
  • Status: Active
  • On Site: 37 Days
  • MLS #: PR9110877
0
Beds
0
Baths
0
½ Baths
0.25
Acres
1980
Built
Neighborhood:
Condado 609
County:
San Juan
Area:
San Juan
Property Description
Under Construction. Discover a unique investment opportunity with our newly transformed 35-apartment building, designed specifically for the hospitality and tourism sector. Featuring stylish studios, one-bedroom, and two-bedroom apartments, this strategically located property in Santurce spans approximately 27,991 square feet of usable space and promises great potential for short-term rental revenue or for use as a hotel. As a neighborhood in transition, Santurce is poised for significant growth, reminiscent of the transformations seen in areas like Soho and Brickell. Included in the sale is a 150 kW substation and a 500 kW generator, ensuring reliable power for the building. Originally designed with 70 office units and 16 parking spaces, the property has undergone extensive renovations, including converting the 70 units into 35 larger units with an average size of 580 square feet. More than half of these units, all with their own kitchen, have already been beautifully remodeled and furnished, all with the renovation process nearing completion.The completed third and fourth floors are already generating income, while the rooftop terrace and ground floor spacesideal for a restaurant or cafremain to be designed, allowing the new owner to customize these areas to their taste. This flexibility may also make the property eligible for tourism tax incentives, as well as potential for the recently approved Long-Term rents Tax Credits (Act 182). Additionally, we are converting 70 electric meters into 40, with each unit having its own deed and tax number under Puerto Rico's condominium law, allowing for individual unit sales if desired. Our concept aims to fill a unique niche in the hospitality market, bridging the gap between budget accommodations and traditional three-star hotels. We're passionate about infusing the rich culture of Puerto Rico into every corner of our building, showcasing local artists and celebrating the vibrant art scene of Santurce. Invest in a property that not only offers a comfortable stay but also embodies the local culture and community. With the neighborhood's promising trajectory, your perfect hospitality venture awaits!
Exterior Features

Construction Materials Concrete Direction Faces Southwest Foundation Details Stilt/On Piling Lot Features Central Business DistrictCorner LotNear Public TransitSidewalk Parking Features 13 to 18 Spaces Road Frontage Type City Street Road Surface Type Concrete Roof Concrete Water Access Yn No Water Extras Yn No Water View Yn No Waterfront Feet Total 0 Waterfront Yn No

Interior Features

Building Area Total 28000 Ceiling Height 8 to 9 Feet Cooling Mini-Split Unit(s) Cooling YN Yes

Property Features

Electric 150 Amp ServiceGenerator Flood Zone Code X New Construction Yn No Ownership Condominium Projected Completion Date 5/30/2025 4:00:00 AM Property Condition Under Construction Property Sub Type Hotel/Motel Required Remarks Under Construction. Security Features Security Gate Special Listing Conditions None Tax Annual Amount 14000 Total Annual Fees 0 Total Monthly Fees 0


Listing information © 2025 My Florida Regional MLS DBA Stellar MLS..
Listing provided courtesy of ILIA MARTINEZ & ASSOCIATES: 787-548-4949.



© 2025 My Florida Regional MLS DBA Stellar MLS. All rights reserved. All listings displayed pursuant to IDX. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing information is provided for consumers personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Data last updated 2025-02-13T23:43:36.287.
 
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