Negro Wd Rd 568 Km 21 2 Int Corozal PR 00643
Excellent Investment opportunity in a fantastic setting with very good capital appreciation potential when rehabbed.
Single story 3 Bedroom , 1 bathroom Single family house in a quiet and pleasant neighborhood with beautiful views and scenery but yet accessible and close to local facilities and amenities.
The neighborhood is quiet and quaint and sits in a hilly location on a mountain overlooking other hills, mountains and valleys.
The house has been designed with nice unusual architecture features for both aesthetics and cross-ventilation. The property was built about 40 years ago with reinforced concrete and concrete blocks.
The house is approached through a long private driveway off the main road which gives it a lot of privacy while not isolated with several neighbors nearby. The drive goes uphill and leads to the house which sits in an elevated position.
The land that goes with the property is sloping in parts and has many mature trees of various types including a large healthy mango tree.
Description
The house has a semi-circular front entrance design that leads to a covered balcony on both sides of the entrance with beautiful views over the facing green hills and mountains.
There are 6 rooms in total including 3 bedrooms which feature built in closets. The house is divided into 2 sections each with their own entrance:
Access to section 1 (living room, 3 bedrooms and one bathroom) can be found at the front of the house and section 2 (kitchen/dining area, bathroom and two rooms) can be found at the far end of the balcony that overlooks the hill and the rest of the yard.
Features:
Areas:
The house is 956 sq ft and sits on a 10,760 sq ft lot (0.24 acres)
Condition:
The house has been vacant for a while, and while its decoration has suffered internally and externally the structure is still solid being built with reinforced concrete and concrete blocks. The property needs a full internal and external rehab, but once completed will offer a nice house with attractive design in a fantastic setting.
Great location:
This property is located between Km 21.5 and 21.4 of the PR-568 road, about 6 miles from Corozal and 29.8 miles from the capital San Juan.
The property is ideal for relaxing, nature Lovers, Hiking, zipline, kayaking and is close to the mountains and only about 20 miles away from the beaches.
It is located about 0.4 miles from local stores , church and restaurants and It is at about a 6 miles drive from more extensive facilities in Corozal as follows:
Restaurants
Restaurante El Gran Café (6.2mi), La Furia Del Mofongo (6.5mi), Mc Donald's (6.5mi), Burger King (6.6mi), Burguer King, Corozal (6.6mi), El RANCHO DE DON NANDO (6.8mi), El Tigre (6.9mi), Georgie's Pizza (6.9mi), Rest. El Quenepo (7mi), Panaderia Y Reposteria Rivera (7.5mi)
Coffee
La Casona Café (6.2mi), CAFETERIA EL BEAUTY (6.7mi), Cafetería Los 4 Diamantes (8.8mi)
Bars
Yayos Bar (6.6mi), Wood's Sport Bar & Sampler (6.6mi), BOLA'S PUB (7.6mi), Moroco's Café Bar & Grill (8.3mi), DOMINO SPORT BAR UTUADO (10mi), El Chinchorro De Bule (4.2mi), Guadalajara Tacos Place (4.8mi)
Groceries
Supermercado Amigo (6.5mi), Amigo Corozal (6.5mi), Progreso Y Salud Familiar "Melaleuca"(6.7mi), Silvia Mini Market (6.9mi), Supermercado La Alcoba Centro Ahorros (6.7mi), JC Mini Market (6.8mi), Supermercado Marrero (8.5mi) Supermercados Econo (8.5mi), Supermercados Pitusa (10.4mi), Supermercado Famcoop Vega Baja (11mi)
Parks
Parque Soccer Corozal (6.4mi), Parque Bario Palo Hincao (6.5mi), Bo Quebrada Cruz Parcelas Nuevas (9mi), Parque Enrique Medina (9.3mi), Cancha En Candelaria (10.5mi)
Schools
Escuela Abraham Lincoln De Corozal (6.3mi), Colegio Sagrada Familia (6.4mi), Escuela Superior Emilio R. Delgado (6.5mi), Escuela Nicolas Rodriguez (6.5mi), Academia Julio Torres (7.3mi), Puerto Rican Family Institute (7.5mi), Escuela Elemental Genaro Bou (7.9mi), Escuela Segunda Unidad De Palmarejo (8mi), Escuela Río Lajas (8.3mi), Escuela S.U. Nicolas Rodriguez García (8.5mi), Escuela Virgilio Morales (8.9mi), Escuela Cienegueta (9.3mi), Escuela Segunda Unidad De Maricao Afuera (9.3mi), Despertar Al Arte (9.9mi), Escuela Segunda Unidad De José Barrenas Martínez (9.9mi), SU Jose R. Barreras Elementary And Middle School (10mi), Escuela Candelaria Afuera (10.3mi), Hipolito Caldero (10.2mi), Escuela Quebrado Cruz Cocos (10.5mi), Escuela Vocacional Doctor José Padín (10.5mi), Esc. Alejandro Jr Cruz (10.5mi), Escuela Elemental Kuilan (10.6mi), Escuela Coleen Vazquez (10.8mi), Escuela Felipa Sanchez (10.9mi), Escuela Ladislao Martínez Otero (10.9mi), Escuela Ignacio Miranda (11.1mi), Escuela Industrial Para Mujeres (11.1mi), Academia Discipulos De Cristo (11.2mi)
Shopping
La Gran Familia Tienda (6.2mi), LA FUGA Sport Shop (6.5mi), NINA LOOKS (6.7mi), Kmart (11mi), Journeys (11.1mi), T.J.Maxx (11.2mi)
Entertainment
Cine Corozal (6.2mi), Caribbean Cinemas (11.1mi)
Errands
Farmacia Marie (6.3mi), Walgreens (6.6mi), Corozal Post Office (6.7mi), Farmacia Marce (6.7mi), Farmacia Mabel Corozal (6.8mi), First Bank (8.8mi), Falas National Lumber & Hardware (8.8mi), Farmacia Karian (8.8mi), Rivera's Commercial Inc. (9.6mi), Farmacia Jardines Naranjito (10.6mi), Optima Infusion (10.9mi), Vega Coop (11.1mi), Banco Popular (11.2mi)
(walkscore.com)
Coordinates:
The property coordinates are: 18°17'09.6"N 66°20'20.4"W (18.286 N, -66.339 W) and these can be found on google maps on:
https://maps.google.com?q=18.2860000,-66.3390000&hl=en-US&gl=us
Demographics – Corozal, PR1
Total population 9,203
% Hispanic or Latino 100%
Home ownership 72.0%
Median House value: $89,100
1 https://datausa.io/profile/geo/corozal-pr/#economy
THIS IS A UNIQUE OPPORTUNITY FOR THE SAVVY BUSINESS OWNER, DEVELOPER OR INVESTOR TO OWN A POTENTIALLY HIGH INCOME PROPERTY AT A DISCOUNTED PRICE IN A GREAT LOCATION.
Comparables sold:
PR 159 KM 7.7 Cibuco WD Corozal , 3 Bed, 1 Bth, 1,046 sq ft, 0.22 acres, condition poor/ fair- Sold: $75,000 – 10/31/2018
Palmarejo Wd Corozal, 3 Bed, 1 Bth, 952 sq ft, 0.23 acres, condition average/ fair- Sold: $77,000- 12/31/2018
Comparables on the market (similar condition)
Magueyes Wd Corozal, 3 Bed, 1 Bath, 1,180 ft, poor condition- $56,000
Comparables on the market (rehabbed):
Urb Valle De Quebrada Arena, 2nd St. I-6, Corozal, 3 Bed, 2 Bth, 1,100 sq ft, 0.087 acres- $110,000
Urb. Montecasino , Corozal, 4 Bed, 2 Bth, 1224 sq ft, 0.09 acres - $139,000
Great investment opportunity:
The property has excellent capital appreciation potential once rehabbed. The house is ideal for all year round living, or for vacations and holidays, for investment and vacation rentals or a combination of these all year round. Because of the location of the property in a mountainous tropical rainforest and countryside, the temperature is usually cooler than in the city or coastal areas and the weather is pleasant all year round with the average high temperatures ranging from 78 to 88 o F and average lows ranging from 60 to 72 o F for the whole year.
The island is a popular touristic destination and rates per night for 2-3 persons vary on average from $80 at the lower end to more than $3,000 per night in the Dorado resorts which are about 19 miles away from the property. There are many vacations villas that are similar to the property (when rehabbed) that rent out for $80 to $150 per night (www.airbnb.com – www.homeaway.com)
Peurto Rico investment haven:
Residential rental income:
Various acts provide for tax exemptions and are intended to promote the acquisition and investment in the housing market on the Island.
Income tax:
Puerto Rico hopes to lure American mainlanders with an income tax of only 4%. Puerto Rico is a U.S. Commonwealth, part of the U.S. but in some ways still independent. Its tax system is a hybrid, part U.S., part not. If someone can actually physically move to PR, they may be able to cut their income taxes significantly due to the special rules for US citizens moving to PR that will enable them to be subject to much lower income tax plus there is no tax on dividends, and no capital gain tax in Puerto Rico. (ref: forbes.com- 9/9/2019)
Important Notice: The above in purely given as a general information and is not in anyway to be considered as tax advice, buyers will have to seek professional advice and do their own research to determine the tax advantages according to their situation.
PROPERTY IS SOLD AS IS, WHERE IS- FREE FROM ANY LIENS OR MORTAGES
Title: Fee simple (pleno dominio)
The property is sold free from and liens or mortgages.
The property has not yet been assessed for real estate taxes.
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
Buyer is responsible for $500 deed preperation and document fees as well as 8 % auction premium.
10% non-refundable deposit , auction premium and $500 deed preparation and doc fee are due within 48 hours of auction close.
Final Payment of balance to be made within 3 weeks of the Auction close.
All bidders to do their due diligence. Property is free from any liens or mortgages. Buyer is responsible for checking directly concerning any requirements of the building department for rehabbing the property . No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. Buyers are bound by the Purchase Agreement if attached under the Due Diligence section. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property.
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