The Reef View building is located on the main street, downtown San Pedro. This is a mixed commercial opportunity with 8 apartments. The ground floor is currently divided into 3 retail rental spaces. Reef View Ltd is a strata title corporation. Each of the 8 apartments have individual titles. The ground floor retail/office space is divided into 2 strata titles.
The 6 one-bedroom apartments are approximately 640 square feet. The third floor 2-bedroom apartment is 1,048 square feet. The last apartment is a 294 square foot studio. The total interior space is over 7,700 square feet with 1,280 feet of outdoor verandas. Seven of the apartments have views of the ocean and the Barrier Reef. The rooftop palapa offers 360-degree views of the ocean, lagoon, and downtown San Pedro.
Reef View is in downtown San Pedro conveniently located near banking institutions, restaurants, tourist destinations, and government buildings. The San Pedro Municipal Airport is less than a 5-minute drive.
Property was renovated in 2013. All apartments and commercial office space are fully furnished. The owners invested over $100,000 USD in office renovations. With the addition of a fire escape or second stairway this property could be converted to vacation rental. Reef View is an excellent opportunity for extended stay visitors. The demand for this market has increased significantly due to “Work From Home” programs.
- Asking Price:
- $1,750,000 (USD) Furniture / Fixtures included
- Sales Revenue:
- $100K - $250K (USD)
- Cash Flow:
- $50K - $100K (USD)
Property Information
- Real Estate:
-
Real Property Included
- Location:
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Downtown San Pedro near Banks, Airport, Restaurants, and Government Offices.
- Premises Details:
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Fully Furnished apartments and office center. Ocean Views from the apartment verandas. Rooftop Palapa lounge with 360 degree view of the ocean, lagoon, and downtown.
- Size in square feet:
- 7,700
Business Operation
- Expansion Potential:
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10 Separate strata titles could be resold separately. With the addition of a fire escape or second stairway the apartments could be rented as vacation or extended stay.
- Competition / Market:
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Low inventory of apartment buildings and extended stay rentals. Condos and Homes are in high demand in San Pedro. The market is shifting from a buyers to sellers. Property values have started to increase in the past 12 months.
