Multi Unit Property in Uvita

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RIDICULOUS 'FIRE SALE' PRICE!!  

HOUSING COMPLEX and INCOME PROPERTY IN CENTRAL UVITA!

 

This unique income property AND HOME, composed of FOUR completely independent living units and a 2-story storage facility (convertible to a workshop, nursery, or other uses), is being offered for sale after over 14 years of ownership and residence by a long-term local. I am currently working on the deferred maintenance, and even a few more upgrades, and could include supervision of this work post-closing in the contract to make the deal -- but I am selling this property now for just $144,000!  This unique property DOES NEED SOME WORK -- though it is being lived in right now, EARNING INCOME NOW, and the necessary maintenance work could be completed within just WEEKS of purchase. The ideal buyer, or partner (I am open to partnering to transform the property into something amazing), is someone who has owned property before, with at least some experience in remodeling and/or new construction. There are a total of ELEVEN BEDROOMS in the complex in its current configuration (plus living rooms, patio, deck, etc. -- CL only allows choices up to 8 bdrms in the listing btw), with FOUR FULL BATHROOMS and FOUR KITCHENS (one large kitchen, three kitchenettes) in approx. 2,500 square feet of total floor space, on a lot measuring just under 500 square meters (around 5,500 square feet, or 1/8 acre). The property is a short walking distance from central Uvita on the Central Pacific Coast of Costa Rica (northeast of the BCR and BM supermarket, 400m north of the Tucan Hotel, 500m almost directly east of the gas station on the highway). The two upscale apartments in their own duplex, with fully tiled baths and beautiful local hardwoods (including lots of teak), have two bedrooms each and private entrances. The largest 2nd story apartment has a spacious wooden deck and its own private kitchen, and the 1st story unit now also has a kitchen set-up. The 7-room owner's unit (also a duplex but in one story, 3 bedrooms one side, 4 bedrooms in the other) boasts a huge custom-made bath with two showers and a large Jacuzzi tub on the owner's side, two of the four kitchens (one very spacious), wash sinks, covered and lighted outside laundry area, and a wide covered patio. The garden, with a natural 'dry creek' through it (running in winter), is very mature with organic avocado, water apple, coconut, guava, and citrus trees, plus lemon grass, torch ginger, jasmine, pineapple, and both decorative and flowering plants. Abundant bird life can be observed in the garden daily, and howler monkeys are heard almost every day in the nearby rainforest. Continuous upgrades are slowly being made. A partial sale (30% minimum) is possible under certain conditions, remaining partners and dividing the living spaces; or the slight possibility of short-term seller financing with a minimum of 50% down (2 years maximum term), though the preference is for a cash sale (initial deposit, 30-day close) which would of course obtain the lowest sales price). An IMMEDIATE INCOME STREAM is already in place upon purchase for those looking to earn income right away from their investment. ALL REASONABLE OFFERS WELCOME. Again, SELLER FLEXIBILITY and ASSISTANCE adds quite a bit of VALUE to this offering. Since the superficial appearance is not that of a 'manicured gringo estate' -- more in line with what most of my former fellow California property owners would call a 'fixer-upper' -- and there would be significant work needed to bring the entire property up to those foreign standards, I have reduced the price to WAY under 'normal' fair market value in order to facilitate a sale -- which means that an investor could easily fix up the property esthetically with little capital investment, and then 'flip it' in a few months for a fat profit (I estimate bare minimum 30% ROI within 12 months based on the minimal necessary repairs and refinishing). The apartments are very nice, and not in need of much attention at all, which is why my occupancy for them is typically over 80% in the high season (and 90%+ for the upstairs unit year 'round). This is a unique opportunity with those looking to move their lives to Costa Rica -- semi-retired couples, telecommuters, surfers and/or yoga practitioners looking for a cheap self-sustaining vacation pad in the tropics, etc. -- but still needing an income stream once they get here (without having to get a job or start a business). This opportunity offers MUCH upside potential for much more income with relatively minimal investment of time, money or energy. ALSO ideal for RE investors looking to make a quick buck in Costa Rica with minimal original outlay. For ANYONE who isn't afraid of some quick, basic remodeling and finishing work to maximize the external appearance of this rough-cut diamond, this property is as near to an ideal situation as one can get in the Costa Ballena area. And since I shall not be leaving the area (I have family here in Uvita), I will be very close by in case any assistance is needed by the new buyer(s). Considering all the most important factors when buying a property in a new area, the situation could not be made any easier. And you are welcome to try to find a better one anywhere in this region before making an offer on this income-producing tropical home.

 

Contact Alex: alexdelsol@yahoo.com  or (506) 8849-3482

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