- Property ID
- For Sale
- 1200 m2
- Listing Date:
- September 21, 2017
We are pleased to present a very special opportunity for the right investor or investor group. One of the very few Parque Lleras/Provenza buildings that has a small ownership group that is committed to sell. A total of 8 apartments, 32 bedrooms, 11 underground parking spot, 1200 meters of interior space (13,000 sq feet) being offered at $6,750,000,000 COP (approx $2.32M USD) and owner is negotiating for offers without bank financing. Incredibly central location in the middle of prime Medellin tourist demand/activity.
The building is currently partially owner occupied and rented to local families at well below market rates. The new owner would be smart to renovate each large unit to many more smaller units and reform the legal status of the building from family residence to tourist residence. The demand for valet parking alone in the area would provide additional future revenue to the new owner.
Current price per meter at offering price is approximately $5,600,000 COP/square meter which reflects a well below market value for commercial property in the area and especially when considering the long term income opportunity for a 100% legal hotel/Airbnb operation.
Our back of the napkin calculations tells us that the building at full potential could NET from $300-400k/year USD assuming conservative market occupancy and rates but depending on the new owner’s budget for refurbishment. The right owner could push the envelope here and create a very special rental product in a very short period of time.
The building is very similar to the one in the picture, BUT IT IS NOT the actual property. use image as a guide only.
Contact email@example.com to discuss this very special opportunity further.
- Close to public transport
- Close to restaurants
- Close to shopping
- Close to supermarkets
- Highly walkable location
- Roof terrace
- Underground Parking