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    1960 Boriquen San Juan, PR 00915

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    Sponsored
    Pending
    $599,900

    Multi-Family 5+ - SAN JUAN, PR

    Property size:
    18,000 SF
    Lot size:
    0.15 Acres
    Days on Market:
    13
    Last Refresh:
    Mar 21 at 4:06 pm

    Property Features for 1960 Boriquen

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Pending
    Zoning
    SU
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    37
    APN
    041-091-500-05-001
    Interior features
    High Ceilings, Living Room/Dining Room Combo, Open Floorplan
    Exterior features
    Balcony, Sidewalk
    Size
    18,000 SF
    Lot size
    0.15 Acres

    Building Details

    Year built
    1960
    Number of units
    14
    Flooring type
    Tile, Tile - Ceramic
    Building materials
    Concrete
    Architectural style
    Other

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    Listing Contact
    Michael McCarty

    Michael McCarty Real Estate

    Listing agent Michael McCarty License #11386

    Listing date Mar 8, 2026

    MLS# PR9105466 Listing URL

    Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Santurce Multi-Family Investment Opportunity

    This 18,000 square foot building is located in the Sagrado Corazon area of Santurce, San Juan, Puerto Rico, an up-and-coming area with improvements, investments, and foot traffic. The property has three floors, each approximately 6,000 square feet. The first floor currently houses two operating businesses: a convenience store, restaurant, and bar with two bathrooms, and a restaurant with one bathroom. These businesses occupy about 30% of the first floor, leaving potential for additional businesses. The second floor contains six apartments: four 4-bedroom, 1-bath units, one 3-bedroom, 1-bath unit, and one 1-bedroom, 1-bath unit. The third floor has five apartments: three 4-bedroom, 1-bath units and two 3-bedroom, 1-bath units. The apartments on the second and third floors require repair and remodeling. These floors could be converted into Plan 8 housing, long-term rentals, or short-term rentals, or completely converted to different uses. The property is situated on a 0.15-acre lot. Potential business uses include restaurants, bars, nightclubs, virtual reality, laser tag, beauty salons, doctor's offices, real estate offices, dance studios, karate studios, short-term rentals, long-term rentals, Plan 8 housing, and storage rentals. The property can house pretty much any business one can think of. A buyer could also obtain tax credits for tourism development or long-term housing development via Act 128. The sellers are willing to consider seller financing.
    Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    Map

    City
    San Juan
    County
    San Juan
    State
    Puerto Rico
    Longitude
    -66.0588299
    Latitude
    18.4377807

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    FAQs

    What type of property is this?
    Apartment building - 18,000 sq ft building with retail and residential potential.
    Where is this apartment building located?
    The property is located at 1960 Boriquen San Juan, PR.
    What is the asking price?
    The asking price for this property is $599,900.
    What are key features of this property?
    This property features: - Seller financing available.; - **18,000 sq ft building with high ceilings** in up-and-coming Sagrado Corazon area of Santurce, San Juan, Puerto Rico.; - Potential for tax credits via Act 128 for tourism or long-term housing development.
    (787) 398-3174
    Request Owner's contact information
    1960 Boriquen San Juan, PR 00915
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    San Juan, PR 00915
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1960 Boriquen San Juan, PR 00915
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    We can help!
    Listing Contact
    Michael McCarty
    Real Estate License ID: 11386
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