Description

Rare 8-unit historic income property in the heart of Miramar, one of San Juan's most walkable and sought-after neighborhoods, minutes from Condado, Old San Juan, and the Convention District. Currently operated as a successful short-term rental with approximately 70 average occupancy and reported 2025 gross income of $387,523 and NOI of $205,752 (seller-provided). The front building (approx. 5,880 sq ft) offers five 2-bedroom units across three floors. Four units on the lower two floors have interior connecting doors, allowing flexible 2-bedroom or combined 4-bedroom layouts for groups and families. The third-floor unit features front and rear balconies, ocean and city views, laundry and storage rooms, a lounge/dining area, and a hot tub. The rear building includes two studios plus a second-floor 1-bedroom manager's unit with additional laundry. Recent improvements include new Miami louvered windows, a concrete roof sealed in September 2025, mini-split A/C units (2 to 3 years old), and electric water heaters (1 to 3 years old). The property has a 1,000-gallon water cistern, five electric meters, three washers and three dryers, landscaped passageways with artwork and café-style seating, one gated side parking space, and a separate gated driveway for approximately five vehicles. Designated historic building, reported as property-tax exempt. Upside through occupancy, expense optimization, and digital marketing. Buyer to verify all income, expenses, square footage (rear building not measured), permits, zoning, use, and tax exemption.