Vista Caribe Complex 24 Apartments with Incredible Sunset Views
48 bed | 48 bath | 40800 sqft 1.9700 acres
24 unit 2-bedroom apartment complex
A rare opportunity to acquire one of Cayman’s single and wholly owned rental properties consisting of 24 two-bedroom, two-bath apartments. All have a generous square footage of approximately 1700 square feet. In addition to this, each unit enjoys direct waterfrontage looking towards the sunset across South Sound. These types of assets and properties are rare to come to the market, especially one that's an investment property and has a great ROI of 7% (on cash) before management fees.
This location is situated across from Grand Harbour, home to Hurley’s supermarket, which is an excellent fresh local produce supermarket, Health Care Pharmacy and other types of retail businesses and restaurants. With Harbour Walk having just been completed, this adds additional amenities to the community with hairdressers, coffee shops, restaurants, a gym and other businesses. Harbour Walk is adjacent to Hurley’s supermarket, all just a short walk directly across from the property.
The location itself is just beyond the Hurley’s roundabout, with easy access to and from the property. As it is so close to the roundabout, traffic splits to either South Sound or towards George Town via the Linford Pierson bypass or Crewe Road. An additional road is planned that will alleviate the traffic into George Town. However, the real feature of this property is the stunning waterfront views.
The tenants have the benefit of enjoying views second to none looking across South Sound towards Sand Cay Island and enjoying sunsets for nearly the whole year. Another benefit is the offshore breezes that come across the water uninterrupted by other buildings between the North Sound and Vista Caribe.
Amenities on the property include a swimming pool and beautiful gardens. There is potential for a dock to allow boating, kayaking, paddleboarding, sailing - all sorts of water sports. There is a nearby opening in the reef to provide access to the open water. South Sound is a treasured and convenient location near enough to commute to George Town, yet far enough away to enjoy some peace and quiet and the extraordinary views.
The Spanish inspired property is a well-built, solid structure of concrete block, poured cores and reinforced steel. The units are generously apportioned and offer lots of room for families. In addition, there is the opportunity for improvements and upgrades to enhance rental income. Some of the units have already been upgraded while others still have the potential for increased revenue and rents. Developing this calibre of property would cost more to build than to buy. Construction prices have continued to increase due to labour and material costs, coupled with delays and supply chain challenges.
The asset has the potential to be stratified and created into individual units which could then be sold off individually. There are two things to consider:
One is as a wholly owned property. The purchaser has the option to have the property insured or to take the line of self insurance. This can result in significant savings and increase the net return on the asset. While stratifying creates the need to have insurance, per Cayman law, which requires that all Stratas are fully insured for natural disasters.
The benefits of selling individual units would be to reduce the initial capital and improve your net returns. In the retail market the properties would be in the region of US$450/sqft which equates to approximately US$765,000. New developments are listing for US$535/sqft which equates to approximately US$900,000. At 24 units the gross sale price would be in excess of US$18,000,000. This demonstrates that there is the potential for a great return.
- Price $11,900,000 USD
- Sq ft 40800
- Price/sq ft $291.67 USD per sqft
- Acres 1.9700
- Built 1998
- View Garden View, Pool View, Water Front, Water View
- Zoning Beach Resort/Residential
- Central AC
- City Water
- Dining area
- Furnished: Yes
- Kitchen area
- Living room
- Septic tank
- Stories: 2
- Utility room