Property is Sold $399,000 USD - Business
Full Description: Our 1.02 hectare titled property, located on a major new 4-lane highway, prime location, is 85% leveled and 40% utilized.
It contains a nice 3 bedroom house our manager lives in and a 38 foot fifth wheel motor home which sits under a grove of trees, for the owner’s use. In addition 13 marine containers are divided into 52 storage units of various sizes, and we offer car, boat, and RV storage; an income of over $5,000 monthly is possible. We have always averaged 75-85% occupancy and have expanded as necessary. Every year we have increased our income. In addition, we host a monthly flea market going strong for 4 years now. The 60 – 80 vendors provide a nice side income for the owners. We also have a small corner of our property leased for 20 years for an internet tower. In addition to the rent, we also get free internet. We also accommodate RV’s traveling through Panama with camping and hookups. The property is shaded with many trees and plants and features a year round creek running through the property and a creek outside running front of the gate. There is never a water issue as our 40 foot well provides us with pure drinkable water all year long.
Above is what we currently have built; below is a look at prospective opportunities for the prospective buyer: The north end of the property houses the flea market and 3 block and concrete storage units. The storage units currently provide $630 per month in rent and the open flea market area provides approximately $800/mo net to the owners. The total square feet of this area is 30×80 (2400 square feet, including the storage units). Suggestions for alternative uses of this space and further development are: Expand the storage business in this locale, 6 more units (approximately 40 sq. ft.), at a cost of $5, 000 each ($30,000 total), and with 70% occupancy rate you will amortize your investment in two years. After that it is pure profit Alternatively this north area can be converted to a business mall with rents of configured units of approximately $2.50/sf, yielding each unit approx. 270 sf, at a rent of $675/month = $4,050 per month ($48,600/year).
This is a prime possibility given the growth in the area north and south, the location, and lack of shops, restaurants, and services.
There is also room for expansion as the lot south of the property is for sale at a very reasonable price.
For more information, please contact:
Lyle Burke
[email protected]
Panama Office +1 507 6834-6390
Skype lyle_01
