Renovated Industrial Flex
For Sale
$2,600,000
168-198 CALLE MONTERREY, San Juan, PR 00920
Commercial Sale, SAN JUAN, PRI
Property Size14,000 SF
Lot Size0.19 Acres
Price / SF$185.71
Days on Market102
Property Features for 168-198 CALLE MONTERREY
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-2
Lot features
Flood Zone
Directions
La propiedad queda justo en la Avenida Kennedy especificamente en la calle 168-198 Calle Monterrey justo despues del dealer de autos Subaru.
Subdivision
00920 - San Juan
Standard status
Active
APN
062-045-003-06-001
Lot size
0.19 Acres
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Cooling system
Central Air
Amenities
IT infrastructure
security infrastructure
Building Details
Year built
1985
Flooring type
Carpet, Epoxy
Building materials
Concrete
Listing Agency:
KELLER WILLIAMS GRAND HOMES · Keller Williams Realty
Listed By:
Fernando Rodriguez · License #19191
(787) 706-8400
Added: Jun 2
Changed: Aug 20
Last Checked: Sep 11 at 11:06AM
MLS# PR9121938
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.
Investment Insights
Based on property information with market context.
This two-story concrete flex property was comprehensively renovated in 2024 and is delivered vacant at closing. The ground floor includes a +/-7,000 SF warehouse with approximately 20–25 feet of clear height, polished epoxy flooring, high-bay LED lighting, and a roll-up door with forklift access. An automatic sliding glass entry and secondary 9U network cabinet with dedicated data drops complete the lower level.
The approximately 7,000 SF second floor is configured for office and operational use, with multiple private carpeted offices, recessed LED panel lighting, drop ceilings, and 60 Cat 6 ethernet data drops. The floor also includes an executive live/work suite with three bedrooms, one bathroom, a remodeled kitchen, and living and dining areas. Central air, public sewer, phone availability, and I-2 zoning are in place.
The approximately 7,000 SF second floor is configured for office and operational use, with multiple private carpeted offices, recessed LED panel lighting, drop ceilings, and 60 Cat 6 ethernet data drops. The floor also includes an executive live/work suite with three bedrooms, one bathroom, a remodeled kitchen, and living and dining areas. Central air, public sewer, phone availability, and I-2 zoning are in place.
Key Highlights
- Approximately 14,000 SF across two floors
- Comprehensively renovated in 2024 and delivered vacant at closing
- Ground‑floor warehouse with +/-20‑25 ft clear height
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$193,599
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.45%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,871,980
$3.9M
Cap Rate 7%
$2,765,700
$2.8M
Cap Rate 9%
$2,151,100
$2.2M
Market Conditions
NOI Build-Up for 14,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$294.0K $21.00/SF
− Vacancy
−$35.9K −$2.56/SF
EGI
$258.1K $18.44/SF
− OpEx
−$64.5K −$4.61/SF
NOI
$193.6K $13.83/SF
Area
San Juan, PR
Vacancy
12.20%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,871,980
Cap Rate 7%
$2,765,700
Cap Rate 9%
$2,151,100
Alternative Uses
Best Use
Office B
$2.77M
$2.42M – $3.23M
NOI $193,599 @ 7.0% cap · market cap 7.45%
Second Best
Flex RnD
$2.23M
$1.95M – $2.60M
NOI $155,938 @ 7.0% cap · market cap 6.00%
Theoretical Best
Specialty Retail
$3.43M
$3.00M – $4.00M
NOI $239,904 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
25 ft
Clear height
1
Drive-in doors
Location Intelligence
Demographics for 00920, PR
14,798
Population
8,916
Households
1.7
Avg Household Size
47
Median Age
38%
College-Educated
85%
High-School Grad
3.6 sq mi
ZIP Area
4,111
Density / Sq Mi
$29,914
Median Household Income
$19,996
Median Earnings
$753
Median Rent
$151,000
Median Home Value
Market
Vacancy Rate% for Office in San Juan, PR
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Two-story concrete property with warehouse, office, data infrastructure, and an executive live/work suite.
Where is this flex space located?
The property is located at 168-198 CALLE MONTERREY San Juan, PR.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Approximately 14,000 SF across two floors; Comprehensively renovated in 2024 and delivered vacant at closing; Ground‑floor warehouse with +/-20‑25 ft clear height
