Parcel #1: 3.62 BEACHFRONT ACRES @ PLAYA COMBATE, CABO ROJO / RESORT OPPORTUNITTY / LAND OPPORTUNITY @ $2,750,000, REDUCED to $2,050,000
Parcel #2: 2.4 BEACHFRONT ACRES @ PLAYA COMBATE, CABO ROJO @ $2,250,000, REDUCED to $2,000,000
ONE in a lifetime opportunity. This property enjoys a unique and privileged location at Puerto Rico's Southwest corner, with amazingly beautiful calm lake like seas and sandy beaches. This is boaters paradise. There are about 18 different beaches all nearby and accesible by boat from this location. Warm water, very beautiful sunsets and the feeling of being relaxed. It is no wonder it is such a popular weekend and vacation destination. Besides a great escape and a haven for beach goers and boaters, this area of the island also is the most popular mountain bike destination in the island with 100's trails of all levels of difficulty.
PLAYA COMBATE is very close the the Cabo Rojo Light House, and Boqueron Village and a 25 minute drive to La Parguera. Like if Combate Beach is not enough, the location is strategic to visit other world famous beaches like Playa Sucia aka. "La Playuela", Boqueron Bay and Playa Buye. The local gastronomy is influenced by the local fishing activities with fish and seafood predominant in the local restaurants menus. Combate is a special location, very sought after by the local Puertoricans (locals know best) with beach homes further than a mile away from the coast.
Google: Playa Combate Cabo Rojo, Puerto Rico >click Images
Google: Cabo Rojo Mountain Bike
WITH a long beachfront stretch, the property operated as a resort very popular on weekends and the summer season. It has 30 concrete built rental units that consist of an open living, dining, kitchen area, 2 bedrooms, 1 bath and balcony. Additional revenue is obtained from the bar / restaurant, game room and coin laundry.
Parcel #1 is beachfront with 3.75 cuerdas ( 3.62 acres) in size and includes the following improvements:
> Reception office with beachfront managers residence. Approx. 2,430 square feet.
> Large beachfront roofed area with; Bar / Restaurant / Game Room / Coin Laundry. Approx. 4,800 square feet.
> 26 beach apartments; each with living, dining, kitchen, 2 bedrooms, 1 bath and balcony.
> Large swimming pool with wrap around sun terrace, kids pool and roofed areas.
> Boat ramp
> Water cistern
> Gates, paved areas and fences
Adjacent is Parcel #2 is also for sale @ $2,250,000 (Both lots $5,000,000) is mostly vacant with approx. 2.50 beachfront cuerdas (2.4 acres) in size and includes the following improvements :
> Wood house on cement columns
> Concrete house 24' x 24' in size.
> Gates and fences
OWNER FINANCING: Owner could consider financing with reasonable downpayment and other conditions.
BEST USE - broker's opinion:
This property is the epicenter of Combate beach, for many years it has been the vacation retreat of many families and tourists. The concept is dated, but the structures are sound, well built and in good condition. A new operator / owner with a fresh vision will likely remodel most of the facilities and vacation units, remove some of the paved areas and plan lush tropical gardens. Basically that's it. The location is so good, the beaches so fantastic, the water so calm, that the property only needs a creative owner with vision to make it a profitable business venture.
NOW..., without considering any of the improvements the price per square meter is very attractive for a property like this in Puerto Rico. The price is less than $205 per square meter of land. So, it could also make sense to convert the location in a small beach residential neighborhood with beachfront homes or a new development of any kind related to tourism (Let's say an Act 22 retirement neighborhood for example). The rules applied to the property are of "Zona de Interest Turistico" (Tourism Interest Zone), which is pretty broad regarding uses to be given to the land.
Puerto Rico has very attractive incentives for any tourism related venture under Act 74.
Tax credits equal to the lesser of 10% of total project cost or 50% cash from investors, which can be monetized
100% exemption on municipal construction excise tax 100% exemption on imported goods and sales tax
100% exemption on municipal licenses
90% exemption on income tax
90% exemption on property tax
The benefits under this law will remain valid for a period of
10 years from the opening date of the eligible tourism project and includes a 10-year extension
Guesthouses, hostels, hotels, condo-hotels, timeshare vacation clubs, excluding casinos
Theme parks, golf courses managed by, or associated with, a hotel that is an exempt business, marinas and port facilities in areas that promote and encourage tourism
Natural resources used as entertainment sources
Other facilities acting as recreational or entertainment
sources, which encourage internal and/or external tourism
PROJECT REQUIREMENTS TO QUALIFY:
Fully financed by private capital investments
World-class hotel with at least a four-star rating
A variety of commercial and recreational establishments
For more information visit: http://businessinpuertorico.com/documents/ACT-74-PG.pdf & http://businessinpuertorico.com/documents/Tourism-PG-ING.pdf
POST HURRICANE MARIA NOTE: The property suffered some hurricane damage, which the owner will consider upon offer.
Qualified buyers only. Visits by appointment only.