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Playa Del Carmen Apartment Building For Sale Need Investor
Posted by: Dean Carter on 4/25/2017 7:56:45 PM
Funding Needed:
$250k - $500k
Category:
Real Estate / Construction
Location :
Playa Del Carmen, Mexico
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Description:
Selling Apt building with 6 fully rented long term tenants. Apartment building is 3 short blocks from Hwy 307 & 8 short blocks from the sea. It is 2 blocks from a large grocery store, Chedraui. It is in a very interesting area, near a small private airport that there are plans to move & build an enormous shopping mall in place of the airport, which will greatly increase the value of property nearby.
City taxes $4,080.00 pesos for 2012 (about $300 USD a year).
There are 6 apartments; 3 one bedrooms, 2 studios & the rooftop which needs to be seen to be best understood (it's fully functional & enclosed on one side, but the kitchen side is partially open). Those 6 apartments bring in $50,000 pesos a month right now & the rents are low (especially the whole roof at $5,500 pesos a month). A slight rental increase (which is long overdue) can easily bring in $5000 USD per month. There is garage parking for 8 small cars or 4 large cars. If this was converted to Vacation rentals, you could easily $500-$700 a day more during high season. Almost $20k a month. That would pay off your initial investment in a few years. Even if it takes 5 years, that's a pretty sweet deal.
Almost everything has been recently updated & is less than a year old; water pressure tank, hot water heater, & submersible water pump in cistern (I also have a backup Tinaco system for water).
I pay for only common area electricity, as each apartment has a separate electric meter & the renters pay their own electric bills. The common area electric bill is usually less than $10 USD a month.
The water bill is about $10 USD a month.
The man that sweeps the garage, courtyard & all common area & waters the plants costs $800 pesos a month or about $75 USD.
So seriously, it's hard to believe, but my overhead is just a little over $100.00 USD a month + gas, which varies from summer to winter & averages between $50-$100 USD a month. So total monthly overhead, including gas, is between $150 to $200 USD per month.
Once a year, I buy a 5 gallon bucket of white paint & paint the garage area & first floor outside wall & touch up where needed. That paint is about $100.00 USD.
I do not advertise my apartments, rather, I use several rental agents & word of mouth when I have a vacancy. I have rarely had a vacancy for more than one month. My places are easy to rent, as I care & it shows in the details of how nice everything looks & how well supplied each apartment is. I am asking $499,995 USD which is a fair price if yo do the comparisons in the area. My units are all furnished and I have hardly any over-head. This building can be easily converted to a Vacation Rental property and can easily bring in $700 per night or more. Playa Del Carmen has a 90% occupancy rate, that's about a $230K return your first year. It can also be converted in a hostel and the returns would even be higher. This property has so much potential.
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