Ocean View Investment Property at Playa Rio Mar

Business Opportunity with Ocean View ID#121517

$199,000

This 2 story ocean view property is currently being rented to long term clients with a potential to earn much more as a Bed and Breakfast. Each of the 6 units has its own private entrance and is individually metered for electricity. The upstairs apartment is a 2 bedroom, I bath with a full kitchen and indoor laundry area. It has a wraparound balcony with fabulous ocean views that will remain unobstructed. An owner/operator could live in this apartment and run the BnB for income.

Located just minutes from all Puerto Armuelles amenities, on the quiet Playa del Rio Mar. A main road to town called Avenida Chiriqui is one block away, with easy access to bus and taxi service. The popular restaurant “El Pulpo” is right around the corner. Walk to downtown Puerto in about 10 minutes, with shopping, banks, restaurants, and the newly renovated Hospital Dionisio Arrocha.

The building is concrete and sits on just under 300 square meters of TITLED land. It is completely fenced and has a driveway and gate which currently has 2 parking spaces. The lot could be cleared to allow for 6 cars inside the fenced area. In addition to the 2 bed/1 bath apartment upstairs, there are 5 individual units downstairs.

The 2 downstairs units in the front have their own porch, security doors and windows and entrance gates. They are studio apartments with no kitchen and a bathroom in each unit. They are currently being rented for $55 each per month. There is a 1 bedroom, 1 bath unit with a small kitchen in the back that is being rented for $55 per month. The last 2 units are single bedrooms with their own bathroom in each unit and are rented for $40 per month each. A large storage room downstairs with its own entrance and bathroom, could be turned into a 7^th unit rental. The upstairs apartment is renting for $100 per month, which brings the current income to $345 per month. With a little TLC and promoting to the tourist market, the potential could be more than 10 times this amount! Example: If the 5 downstairs units were rented out for $35/night it could potentially bring in $5,250 per month.

The best feature of this property is Playa Rio Mar, with gentle waves that can be heard and lull you to sleep at night. From the beach, just footsteps away, you’ll have one of the best views of the famous Chiquita Banana Pier in Puerto Armuelles! The fishing here is fabulous, as well as surfing, paddle boarding, and peaceful strolls along the beach. There is a beach wall that protects the area from any ocean surges that may occur and a small park along the wall with a stairway over the low wall to access the beach.

Additional Investment Opportunity: Across the street there is a small house for sale, by the same owner, for $129,000. The home is currently vacant, but was rented in the past for $525 per month. The lot between the house and beach is for sale by the same owner for $99,000. It used to be a popular beach bar and some of the foundation is still there. Add it to the purchase for a future restaurant or more rooms to rent, along with possible beach activities to become a tourist destination close to town.

ALL the parcels are TITLED – a rare thing for beach front property in Chiriqui. The possibilities are endless!