La Ilusión Residencial: mixed-use investment in Calidonia

La Ilusión Residencial brings 66 apartments and 550 m² of street-level retail together in a seven-story mixed-use property on Avenida Central, one of Panama City’s busiest thoroughfares. The asking price is USD 4,000,000 and is negotiable. Reported rental income is USD 26,000 per month, with reported NOI just over USD 22,500 per month. The property has 3,610 m² of building area on a 562 m² lot and dates to 1965. Nelson Cafe, the anchor tenant, has occupied space in the building for more than 20 years and recently completed a USD 20,000 renovation. The building is described as structurally and mechanically sound. Reported monthly utilities and maintenance are under USD 2,000, while annual property taxes are reported below USD 3,000. The location is three blocks from the renovated seafood market and the entrance to the historic district. The source identifies potential to convert apartments in the 04, 05, and 06 lines into two-bedroom layouts under current zoning, with a stated potential rent increase of 30% and minimal capital expenditure. Architectural plans, detailed rent rolls, and maintenance records are available to qualified investors. Contact us to request the documentation and discuss the opportunity.