Six-Story Mixed-Use
For Sale
$4,800,000
302 CALLE FORTALEZA, San Juan, PR 00901
Commercial Sale, OLD SAN JUAN, PRI
Property Size24,000 SF
Lot Size0.10 Acres
Price / SF$200
Days on Market51
Property Features for 302 CALLE FORTALEZA
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Capitolio de Puerto Rico San Juan, 00902 Continue to Av. Luis Munoz Rivera/PR-25R Follow P.o Covadonga/PR-38 to C. del Recinto Sur Continue onto C. del Recinto Sur Turn right onto Ca. de la Tanca Turn right onto C. de la Fortaleza Destination will be on the right
Subdivision
00901 - San Juan
Standard status
Active
APN
040-002-05-603-901
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
9330
Utilities
Water source
Public
Amenities
interior open atrium
Building Details
Year built
1960
Floors in Building
3
Flooring type
Concrete
Building materials
Concrete
Roof type
Concrete
Listing Agency:
VIDA URBANA
Listed By:
Andres Diaz Diaz
(787) 632-8021
Added: Jul 22
Changed: Aug 24
Last Checked: Sep 10 at 5:06AM
MLS# PR9122954
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 six-story mixed-use building at 302 Calle Fortaleza contains approximately 24,000 square feet, with about 4,000 square feet on each floor. An operating retail store occupies the ground level. Each floor includes an interior open atrium that brings natural light into the building and supports cross-ventilation. The structure also includes a non-operational elevator shaft and related structure. Concrete construction, concrete flooring, a concrete roof, public water service, and a 1960 construction date further define the asset. The property is located in Old San Juan, Puerto Rico, along Calle Fortaleza, within postal code 00901. The existing configuration may support planning for mixed-use concepts identified in the property information, including apartments, hospitality, or corporate office use, subject to applicable approvals.
Key Highlights
- 24,000 square feet across 6 stories
- Approximately 4,000 SF per floor
- Interior open atriums on every floor provide natural light and cross‑ventilation
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
$278,208
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
5.80%
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%
$5,564,160
$5.6M
Cap Rate 7%
$3,974,400
$4.0M
Cap Rate 9%
$3,091,200
$3.1M
Market Conditions
NOI Build-Up for 24,000 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
$432.0K $18.00/SF
− Vacancy
−$34.6K −$1.44/SF
EGI
$397.4K $16.56/SF
− OpEx
−$119.2K −$4.97/SF
NOI
$278.2K $11.59/SF
Area
ZIP 00901
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$5,564,160
Cap Rate 7%
$3,974,400
Cap Rate 9%
$3,091,200
Alternative Uses
Best Use
Retail
$3.97M
$3.48M – $4.64M
NOI $278,208 @ 7.0% cap · market cap 5.80%
Second Best
Mixed Use
$3.70M
$3.24M – $4.32M
NOI $259,200 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$5.94M
$5.20M – $6.94M
NOI $416,102 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Demographics for 00901, PR
6,218
Population
4,325
Households
1.4
Avg Household Size
47
Median Age
49%
College-Educated
88%
High-School Grad
1.0 sq mi
ZIP Area
6,218
Density / Sq Mi
$25,810
Median Household Income
$27,676
Median Earnings
$646
Median Rent
$386,900
Median Home Value
Market
Vacancy Rate% for Retail in the U.S.
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Concrete construction with ground-floor retail and open atriums on each level.
Where is this mixed-use property located?
The property is located at 302 CALLE FORTALEZA San Juan, PR.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: 24,000 square feet across 6 stories; Approximately 4,000 SF per floor; Interior open atriums on every floor provide natural light and cross‑ventilation
