Property ID : MLS #07565
Financing Available!, For Sale, Price Reduced! $479,000 - Ambergris Caye, Homes For Sale in Belize
100k price reduction-hurry before it’s GONE!
Operate as an apartment building with great income or convert to a boutique hotel and double the income.
This property is fully occupied-never a vacancy. Professional management in place, nothing to do but watch the investment grow in value as this beautiful beach area develops further.
The building is located in one of the best areas of San Pedro Town, Ambergris Caye, one lot off the beach with the opportunity to convert the property to the boutique hotel and operate it in conjunction with the Sandbar Hotel located directly in front of the property on the beach.
Building lot is 50x100ft and is located only a few hundred feet from the world renown resort http://www.thephoenixbelize.com/
Near by is the San Pedro High school (300 ft away) as the result most of the tenants in the building are school teachers with a steady government salary.
Third-floor apartment of the building features panoramic views of the Sea, Barrier Reef and the San Pedro Lagoon to the West. Additional units can be added on the third floor to maximize the ROI.
10 One bedroom units
3 Two bedroom units
The building has its own water well, therefore the cost of water to the tenants or landlord is nil.
The ground floor of the building is concrete and second floor is of hardwood frame bolted 4×6 beams, hurricane proof construction that also includes hurricane straps. Ambergris Caye has very few budget priced hotel/rental accommodation and therefore opportunity exists to reposition the property from the rental long term apartment building into a short term tourist accommodations effectively doubling the cap rate to over 20% as the apartments in the building can be rented for $75-$120 US daily per apartment. In addition, condo titles can be obtained and units sold individually for $40,000-$90,000 each-unheard of price point on Ambergris Caye were condo units are sold for no less than $100,000 US.
Building measures approximately 5500sq ft and the cost of the replacement for the property would be as follows
Lot price 50×100 second row from the beach $200,000 US
Cost of construction of the building at $120 US per sq ft $660,000 US
Total replacement cost $860,000 US
Over $100,000 US had recently been spent in renovations that include:
· New Roof
· All new kitchens
· Solid Mahogany Furniture, kitchen cabinets, and vanities
· All new wiring, meter panels and electrical panels
· New bathrooms and plumbing-American Standard toilets in all bathrooms
· Many new windows and doors
This property is a gem and everything is new! Worry free ownership for years to come.
Sellers are motivated and will finance the property with down payment and rates matching those of Belize local banks.
Opportunity to get a larger price discount if purchased as the package in conjunction with the property
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All listings priced in US$. If you are interested in this property, please contact James at 1.888.980.6448 or [email protected]