Ten Million Dollar Appraisal! Condo Hotel, Bocas Island

$ 6,900,000
Ave North, Bocas Bay Resort, ,
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Overview

  • Updated On:
  • January 16, 2023
  • acre symbol
  • 0.12 Acres
  • 56 Bedrooms
  • 56 Bathrooms
  • 38,400.00 ft2

Description

 OCEANFRONT Bocas del Toro, Panama Waterfront Condo Hotel for Sale

 

Exclusive oceanfront condo hotel with 32 resort style apartments, each with spectacular views of Panama's Cabana beach and the Caribbean ocean.

The moment you walk onto the property you will notice the quality of construction and materials used. Infact, the owner has an apprasial at 10 million and is known for other quality projects in town.

Your mind will imagine the possibilites on this one!  High End Long Term rentals are needed on the island, but each unit is also indivdually titled for sale as condo units.

All units have an unrestricted view of the Caribbean ocean. Apartments have private terraces and very large living spaces with oversized 5 meter (16.4041 Ft) sliding glass doors for extended indoor/outdoor living to enjoy the tropical climate. Penthouses have extra high cathedral ceilings and custom designed doors with an integrated window arch at the top for an unrestricted spectacular view of the Caribbean Sea.

The project has been designed and build to be absolutely unique on Bocas by offering accommodation for an extended family or 2/3 couples for the same price as one hotel room. Return On Capital will be evident if you look at the numbers as provided below.

Exclusive oceanfront condo hotel with 32 exclusive apartments, each with spectacular views of the beach and ocean. All apartments feature private terraces and very large living spaces with oversized 5 meter (16.4041 Ft) sliding glass doors for extended indoor/outdoor living. The Penthouses have extra high cathedral ceilings and custom designed doors with an integrated window arch at the top for an unrestricted spectacular view of the Caribbean Sea.

*1st Floor Apartments are 1000 Sq Ft and are completely furnished

These 1 BR units will do $ 225, p/d x conservatively 225 days p/y = $ 50,625 per year.

* 2nd Floor Apartments are 1800 Sq Ft and are completely furnished. These 2 BR units will do $ 275,– p/d x conservatively 225 days p/y = $ 61,875 per year.

* 3rd Floor Apartments are 1800 Sq Ft and are completely furnished. These 2 BR units will do $ 275,– p/d x conservatively 225 days p/y = $ 61,875 per year.

* 4th Floor Penthouses are 1800 Sq Ft and are completely furnished + 300 Sq Ft Loft

These 2 BR units will do $ 350,– p/d x conservatively 225 days p/y = $ 78,750 per year.

Notice the calculations are based on 225 days out of a whole year.

 

Each FURNISHED apartment is equipped with a complete full sized gourmet kitchen with granite countertops and top of the line stainless steel appliances, including dishwasher, ceramic cook tops, microwave, double door fridge and ovens. An oversized Jacuzzi for double pleasure in the master bathrooms is there for whenever the mood strikes you and the second bathroom has a large tempered glass walk-in shower with a massage column. The balconies and stairways are fitted with maintenance free stainless steel high tech designer safety railings. And Walk-in Closets, just like you always wanted.

Bocas Bay Resort consists of 32 spacious condo apartments with 8 units on each level with two elevators going to each floor in two separate stairway towers, giving a complete and convenient coming home experience. All apartment owners can rest assured that a 24 hour security is in place within a gated community with a concierge controlling who goes in or out of the building. Owners and their guests get to use all of the onsite amenities of course, including the available gated and secure parking.

Located far enough away for peace and quiet and yet walking distance close to the liveliest part of Bocas to enjoy the many restaurants and bars that our Island offers. You will sleep like a baby with the soothing sound of the waves tempered by our high quality double glass windows and doors that will put you in control of your environment. Each apartment features a multi split air conditioning system with individual controls to suit every need.

Visit us today for a private tour of Bocas Bay Resort. We will be honored to show you the now completed building with the different layouts. The 12 large private garages with remote controlled electric doors are being offered separately. There is ample free and secure car parking available for you and your guests within a fenced-in and gate controlled site. A security guard is on duty 24-7.

We cordially invite you to Bocas Bay Resort for a discussion on how you could turn these waterfront apartments into a money making opportunity with a fantastic return on your investment. You will decide what days or weeks you want a unit for yourself and/or your friends, while turning the other apartments into a rental money maker.

8 One BR Units on the 1st Floor as per calculations above x $ 50,625.– = $ 405,000.

8 Two BR Units on the 2nd Floor as per calculations above x $ 61,875- – = $ 495,000

8 Two BR Units on the 3rd Floor as per calculations above x $ 61,875.– = $ 495,000

8 Two BR Units on the 4th Floor as per calculations above x $ 78,750.– = $ 630,000.

Gross Income based on 225 days rental income per year $ 2,025,000

The above calculations are purposely kept at 225 days to allow for a 140 day buffer.

This is the calculation that I use as a builder to determine if a project will be viable.

Most investors like to see the potential and realistic vacancies. With the above very conservative approach it calculates to 62 % occupancy, allowing for 38 % vacancies. The operating expenses should not exceed 20%.

The above does not include the potential income from the Tiki Bar, Garage Rental or possible marina.

This titled property comes with a property tax exemption that is valid till November 2030!

Make an appointment with United Country today to view this property!

 

PROPERTY FEATURES:

Titled Resort Style Building
Gated Secure Resort Property
All Coastal Ocean facing units
Tiki Bar and 2 lap pools
Generous owner condo use
Fully furnished modern units
Coastal Luxury Bocas del Toro
Great Vacation rentals

Address: & 10th Street
State/County:
Country: Panama
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Property Id : 34082
Price: $ 6,900,000
Property Size: 38,400.00 ft2
Bedrooms: 56
Bathrooms: 56
County: Not available County
Lot Size (AC): 0.12000
Listing ID: 60002-14002
Office ID: 4580
Listing Address: Ave North, Bocas Bay Resort
Other Features
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