The opportunity of a lifetime! This splendid property/business/opportunity being offered is now ready to be taken to the next level. Our vision for this storage business has steadily grown into various chapters, right along with the tremendous population explosion in this prime location.
Today the 1.02 hectare titled property, located on a major new 4-lane highway, is 85% leveled, 40% utilized, with a nice 3-bedroom house the manager occupies. A 38-foot fifth-wheel motor home that sits under a grove of trees is included for the owner’s use.
Storage Business: 13 marine containers have been divided into 52 storage units of various sizes, offering personal property, vehicle, boat, and RV storage, expanding as necessary. Average occupancy has been 75-85%. Income of over $5,000 monthly is possible, with documented annual increases in income every year.
RV Park: RV’s traveling through Panama can be accommodated with camping space and hookups.
Flea Market: The business hosts a monthly flea market with about 70 – 80 vendors, going strong for four years and providing a nice side income.
Property Lease: A small corner of the property has been leased out for 20 years for an internet tower providing free internet service.
The property is shaded with many trees and plants and features two (mostly) year ‘round creeks; one running through the property and a creek outside running front of the gate. There is never a water issue as our 40 foot deep well provides us with pure drinkable water all year long.
Business Opportunities: Beyond what has already been developed there are additional opportunities for the prospective buyer:
1. The north end of the property houses the flea market and 3 block and concrete storage units. The storage units currently provide $630 per month in rent and the open flea market area provides approximately $800/mo net profit. The total square footage of this 30×80’ area is 2400 square feet, including the storage units. (Two of these units measure 15x9x10ft, one measures 30x9x10). Total monthly revenue from this area is currently $1,430 per month.
Suggestions for alternative uses of this space and further development are:
- Expand the storage business in this locale, 6 more units (approximately 40 sq. ft.), at a cost of $5, 000 each ($30,000 total), and with 70% occupancy rate you will amortize your investment in two years. After that it is pure profit. Currently we are keeping the flea market as a community service since we’ve initiated Phase II of the business in the back lot.
- Alternatively this north area can be converted to a business mall with rents of configured units of approximately $2.50/sf, yielding each unit approx. 270 sf, at a rent of $675/month = $4,050 per month ($48,600/year). This is a prime possibility given the growth in the area north and south, the location, and lack of shops, restaurants, and services.
2. In the back lies a grassy area and seasonal creek where 6 condos can easily be built. This is a more ambitious project as the cost of construction is around $100/sf. There are no condos in this area and they would be welcome. Most people now moving to Panama (Chiriqui) are looking to rent or live in a smaller space, easy for locking and leaving. Also, some buy condos as an investment and rent them out. Condos at 1000sf each cost $100,000 and each can sell for $140,000, more or less. Possibly 6 units with a pool and stream running by would be a good project. Total costs equal over $1,000,000 , but the ROI will be at least 10-15%.
3. Another idea that was presented to us in the same area is a small hotel. Figure a cost of about $1,000,000 again for the construction, and possibly 15 rooms for rent, plus a swimming pool. Rooms about $90 per night each night = $1,350 per night (total capacity), = $40,000 per month, optimum.
All the above have been developments beyond our scope and plans at this time. There is also room for expansion as the lot south of the property is for sale at a very reasonable price.
Asking Price: $750,000.00
REDUCED TO $495,000.00