Listing ID : PR9107886
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Structure
13,321 Sqft -
Year
1980
Description
This unique location, held by the same ownership for three generations, is now available for sale. Situated in the vibrant sector of Ashford Avenue in Condado, this property offers unmatched investment potential both immediate and long term. The property encompasses 13,332 square feet of rentable space on the elevated, open street front terrace at Ashford Imperial 1302, the tallest building in Condado and one of the highest in Puerto Rico. It includes 9 commercial units, all individually metered, and an exclusive elevated open multi-vehicle car park terrace with 8 delineated spaces, where double parking and valet services can allow for more cars to fit, despite some being blocked. Additionally, there are 9 more parking spaces within the Ashford Imperial condominium facilities, totaling 17 parking spaces. Each unit and parking space is individually deeded and can be used, leased, or hypothecated individually or as a whole, offering great flexibility and ease of management. The property is currently rented below market value, providing a substantial opportunity for income growth and increased valuation. A major facade refurbishment was planned but paused due to the decision to sell, offering new ownership the chance to significantly enhance the property’s presence and value. Located across from The Grand Marriott Hotel and Casino and within walking distance to major condominiums, hotels, beaches, and retail venues, this property is unparalleled in Condado. Proformas, photos, and schematics on the proposed refurbishment are available upon request.
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