Remarks

206 San Justo, San Juan PR 00901. For sale upstairs only with lobby street level entrance for a 30 room hotel development or luxury apartments-Flrs. 2,3,4 & roof top + views. There is a tourism tax incentive of 40% tax credit on the purchase price with the total rehabilitation, as well as marketing and labor.  (Example with tax credit purchase $5M + $5M rehab = $10M total minus 40% tax credit of $4M that can be sold in the open market for $3.5M = Net cost of $6.5M against a property that would be worth at least $13M+ If you use a leverage and purchase with $1M cash down payment you will get over $6M in net return in 2.5 yrs). Possible partnership with qualified experienced local developers only . Buyer Agent fee 3%. For showing instructions, please see MLS notes. GPS 18.464817, -66.117043..

Details

MLS#: 53027
Price: $4,800,000

Style: Hotel/Apart Hotel
Sq Ft: 14978.00
Year Built: 1890