Hotel Restaurant & Bar in Cocles Cocles (Puerto Viejo, Limón, CR - 70403) Built

$880,000
Reduced - direct financing / partnership available

Bienes Raices Talamanca - Caribbean Real Estate

Charles Wanger Charles Wanger +506 2750-0190 (Office) +506 8708-3183 (Cell) Request More Info

  • Close to everything
  • Type: Commercial
  • Style: 2 Story
  • Bedrooms: 22 "Over 21 units"
  • Bathrooms: 20 "24 seperate bathrooms"
  • Half Bathrooms: 3 "communals - and for restaurant"
  • Garage: "ample parking in front of the property in closed parking lot"
  • Size: 18,000 sq. ft.
  • Development Level: Built
  • Lot Type: Rectangular
  • Lot Size: 5464 sq. m.
  • Year Built: 1994
  • Taxes: $1,000.00 (2020)

Description

This well established hotel has many years in business and an excellent location. Right in the heart of Cocles it is just 4 kilometers to Puerto Viejo and 12 kilometers to Manzanillo.

Easy access to beaches, local shops, restaurants, school, and more! ( Beach photo is a 1 minute walk ). YARE hotel shares this are with Villas del Caribe Hotel - La Chameleon Hotel - and Lapalapa ( casa cameron ) the three are exclusive to this immediate area and each offer separate markets of housing / hotel availability so that there is little if no competition.

These units are designed to accommodate from a single traveler to a family of 12. Most of the units are with kitchen for easy conversion to apartment for long term rentals. The property has a large laundry area and employee kitchen, 2 storage areas, reception area for groups, Bar & Restaurant, manager’s apartment, and much more.

The bar and restaurant are currently under contract which includes one of the living units at $1,400 per month. This contract may continue with new contract between you and renters - OR - we would need to give them 5 months notice and / or buyout terms - all of which may be negotiated of course - but ultimately we have the responsibility to act in the buyer's interest.

The property needs some EXTENSIVE REPAIRS so the pricing is as follows:

To purchase AS IS – with all working permits in place - the price is $590,000.
1. To finance this would require a 50% down and the balance within 6 years at 5%.
2. To become a 25% partner we would require $220,000 - this to cover all legal work and share reporting - as well - you would be now eligible for residency under the "investor" clause. ALL LEGAL WORK INCLUDED WITH THIS PARTNERSHIP FEE.
3.To become a 48% partner we would require $440,000 - this to cover all legal work and share reporting - as well - you would be now eligible for residency under the "investor" clause. ALL LEGAL WORK INCLUDED WITH THIS PARTNERSHIP FEE.

To purchase 100% and with ALL REPAIRS DONE restoring the entire property to its original state the price will be $880,000. Owner is willing to finance direct as follows:
1. $250,000 down and contract ( approved by all ) to repair and restore.
2. $315,000 paid upon inspection and all work approved
3. $315,000 financed over 4 years at 5%

The property is 5,464 m2 so 1.3 acres– there is approximately 1,667m2 of construction ( 18,000 square feet ) All papers in order. There is a minimal staff in place and the property is currently /still operating but at minimum. According to an appraisal done just recently - and information from the land / tax offices both at the municipal level AND state tax level (appraisal unofficially done by a friend that works for the bank) the land alone has a value of up to 54,000 colone per m2 - or $95 - x 5,464 m2 is $464,000 without structures.

Christmas and New Year of 2017/2018 the gross income was over $17,000 - in 2018/2019 more and in 2019/2020 never better! Keep this as a hotel or convert part or all to apartment / condo living ( in this area there is a demand for reasonably priced monthly rentals that are secure)

The options with this property are many and it is in the style of the Caribbean coast with beautiful colors and local craftsmanship. Purchase includes Costa Rica corporation with all permits in place, telephone, and over 26+ years of legal possession over the property by way of corporate books and inscription with the national registry as well as local municipality.

Up until a few months ago and for the past 18 months we were able to pay our bills and slowly repair what needed to be done as urgently arose - the last 4 months however has put us in a position to look for either help or closure.

serious inquiries only please.

Attachments

P2#176429794
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Information is deemed to be correct but not guaranteed.