This is a turnkey high-yield investment into an iconic Panama City multi-use building in a prime location in the Casco Viejo area. It has a single tenant lease for 10 years with a cap rate of 9%. This building is used as a nightclub, office space, restaurant, and event center. The tenant is currently expanding and investing in the event center aspect of the building. But this unique building provides multiple streams of income for the current long-term tenant. Casco Viejo is a rapidly developing old city area of Panama City. Values in Casco Viejo are increasing. The single tenant has invested significantly into the successful businesses here. The building is nothing short of Spectacular. Teatro Amador was built in 1908 by the Panama Railroad Company to be grand on every level. The property was completely re-built in 2012 with a new design focused on a multidisciplinary Space adopted to host Corporate and private events, Shows, Concerts, and film, as well as being a nightclub. In 2014 and 2018 the property underwent further $350,000 development, new furniture as well as the introduction of a new restaurant concept, Caliope. Caliope Restaurant & Bar has achieved the rank of the #1 restaurant in Panama City out of over 900 total restaurants. The building also has office space that functions for the open office concept. These businesses have all been developed and run by the current tenant who has invested in the business with a proven ability to be successful, assures the owner of this property long terms steady cash flow from a well-located iconic building that is appreciating in value over time. The building has:
- 11,296 Sqft total Construction area
- 4 levels
- 500 person standing room nightclub-event space of 3,230 sq ft
- Mezzanine level with 1,601 sq ft
- 90 seat restaurant of 3,397 sq ft
- Office & Co-working Space of 3,067 sq ft
This is a turnkey high yield (Cap rate of 9%) real estate investment with a long-term proven successful tenant in place that has invested and is committed to the space. The building is a unique luxury building in a prime location.
