51 MC LEARY AVENUE

SAN JUAN, PR 00907

Sold $1,400,000

Closed 34 days ago.
  • Business
  • Built: 2009
  • Lot Size: 0.25 acres
  • Cooling: Mini-Split Unit(s)
Prime location on McLeary 51 avenue- (Ocean Park) Triple Net- current rent is $11,575 with 5% rent increases per year. Next rent increases 5% in March 2022. 1000pc / 984 m 22 parking stalls BUYER WILL NEED TO CONTINUE WITH THE RENTAL AGREEMENT FOR 7 YEARS. The tenant is a B Well Cannabis Dispensary (long term tenant) and the rent increases $3,500/month (including 5%/year) on the first month Cannabis goes recreational in Puerto Rico (which is only a matter of time 1-2yrs) 1,000 square feet commercial property built on a 948.64 square meter site, located at No. 51 Mcleary Avenue in the Ocean Park Development in the Santurce Ward of the San Juan Municipality in Puerto Rico. The subject enjoys to two access stress which are Gertrudis and Los Baños. The single-story structure is made of reinforced concrete, concrete blocks, structural-steel and steel finishes. The structure was originally made as an ice-parlor yet reconverted as a cannabis dispensary approximately a year ago. The revamp includes high end finsihges as well as excellent security supported by a full emergency power generator. It is supported by 22 parking stall for an excellent parking ratio which translates for 10% building top land ratio. The properety falls within a RT-3 zoning restriction, enjoying commercial permits, falling inside the flood prone area, yet not suffering with that condition.

Construction Materials
Concrete
MLSID
PR9094142

Location


51 Mcleary Avenue Condado

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