For the right buyer, this 4 unit unfinished apartment complex presents a unique investment opportunity. Here is the background on this property: The concept for the current owner was to establish a residential complex that would allow him to retire full time to Costa Rica with a lifestyle supplemented indefinitely by rental income. One of the units would be a personal residence while the others would be rented out to long-term renters.
It is a solid plan that fills a need. Since homes down by the beach are primarily marketed as short-term vacation rentals, there is a serious shortage of long-term rental housing available, especially in the Dominical area. Without divulging too much personal information, the current owner had to shut down the project due to family obligations. There is no outstanding debt on the project and there is nothing wrong with either the land or the construction.
Save Time & Money on a Residential Project Listed Below “Replacement Cost”
If you are looking for a land parcel to create a new income producing property in Costa Rica, this is one of those situations where you can save both time and money. This property has had a significant amount of work completed with permitting, land excavation, water/electric infrastructure, and an apartment building that is completely under roof with all of the gray wall work finished. The building is solid steel frame construction with concrete board walls completely framed out. The structure is designed for 4 apartments that range in size from 1 to 3 bedroom units. Also included are a 3 car garage and a large workshop area.
In total it is 8 bedrooms, 6 baths with over 6,000 square feet of construction under roof. The bones are complete and all that is needed are the finishing touches – flooring, paint, fixtures, etc. At an estimated $40 per square foot for construction, the replacement cost to build a similar design to this stage is around $240,000 USD. That is not even taking into account the cost of building the road, site excavation, and other infrastructure that was mentioned earlier. Basically, your land acquisition cost is free!
Convenient Location with Quick and Easy Access to Dominical and San Isidro
The land is 3.27 Acres with an amazing view overlooking lush valleys and the Talamanca mountain range. The altitude is 1,100 feet above sea level with cool night temperatures. The property has shady garden areas and the ground is fertile, as evidenced by the thriving pineapple orchard planted by the entrance. The property has a private feel, yet the location is easily accessed just off of the main road that connects the town of Dominical to the city of San Isidro. In 15 minutes your renters can be at the beach or shopping and dining in San Isidro in 35 minutes. Another great selling point for this apartment rental location is that the property is within walking distance from public transportation to the beaches and the city. This opens up your market for renters without a vehicle.
Platanillo is a peaceful community populated with friendly Costa Rican locals and ex-pat neighbors. The finished apartments should fill up very fast due to the high demand for quality long-term rentals. We estimate that brand new rentals in the area can fetch approximately $500 a month (1 bedroom), $700 (2 bedrooms), and $900 (3 bedrooms). For expansion opportunities, there are additional upper and lower building sites on the property that will be easy to develop.
The cost for completing this apartment project will ultimately be determined by the quality of the finishing materials and the labor hired. Contact us and we will be happy to share our knowledge with you in this regard.