Five-Unit Apartment
For Sale
$750,000
Calle Las Palomas, San Juan, PR 00915
Residential, San Juan, PRI
Property Size3,600 SF
Lot Size0.01 Acres
Price / SF$208.33
Days on Market75
Property Features for Calle Las Palomas
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
11
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 10, Bedroom 4, Bedroom 2, Bedroom 8, Bedroom 9, Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 7, Bedroom 11, Bedroom 6, Bathroom 7, Bedroom 1, Bathroom 5, Bathroom 6, Bathroom 4, Bedroom 5, Bathroom 1
Appliances
Dryer, Water Heater, Refrigerator, Washer
Standard status
Active
APN
04105127464001
Size
3,600 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Annual Amount
2500
Utilities
Cooling system
Wall Unit(s)
Building Details
Year built
1965
Floors in Building
2
Listing Agency:
Hector Baez Real Estate
(787) 236-9560
Listed By:
Hector Baez
(787) 392-3197
Added: Jun 16
Changed: Aug 26
Last Checked: Aug 29 at 11:06AM
MLS# PR70DE00
Copyright © 2026 Amplia 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 apartment property comprises two adjoining structures with approximately 3,600 square feet of construction and five declared units. The buildings date to 1965 and include up to five off-street parking spaces. One residence is currently used as a short-term rental. The other structure contains three units, including two three-bedroom layouts and a one-bedroom side apartment; these units require repairs, including replacement electrical wiring. Existing systems include three electric meters and two water meters, with wall-unit cooling and appliances including refrigerators, washers, dryers, and water heaters.
The property is in Santurce, steps from Calle Loiza and minutes from Condado. It is designated Flood Zone X. The combined layout, unit count, parking, and existing short-term rental use create a multifamily property with substantial renovation needs across its residences.
The property is in Santurce, steps from Calle Loiza and minutes from Condado. It is designated Flood Zone X. The combined layout, unit count, parking, and existing short-term rental use create a multifamily property with substantial renovation needs across its residences.
Key Highlights
- 5 declared units within two adjoining structures
- Approximately 3,600 sq ft of construction on the property
- Up to 5 off‑street parking spaces
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
$32,044
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
4.27%
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%
$640,880
$640.9K
Cap Rate 7%
$457,771
$457.8K
Cap Rate 9%
$356,044
$356.0K
Market Conditions
NOI Build-Up for 3,600 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
$61.2K $17.00/SF
− Vacancy
−$2.9K −$0.82/SF
EGI
$58.3K $16.18/SF
− OpEx
−$26.2K −$7.28/SF
NOI
$32.0K $8.90/SF
Area
San Juan, PR
Vacancy
4.80%
Lease Rate
$17.00 /SF/Yr
Expense Ratio
45.00%
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%
$640,880
Cap Rate 7%
$457,771
Cap Rate 9%
$356,044
Alternative Uses
Best Use
Apartment 5plus
$457.8K
$400.6K – $534.1K
NOI $32,044 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$881.3K
$771.1K – $1.03M
NOI $61,690 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Demographics for 00915, PR
25,075
Population
15,402
Households
1.6
Avg Household Size
44
Median Age
14%
College-Educated
67%
High-School Grad
1.4 sq mi
ZIP Area
17,911
Density / Sq Mi
$14,502
Median Household Income
$13,758
Median Earnings
$517
Median Rent
$109,600
Median Home Value
Market
Vacancy Rate% for Multifamily in the U.S.
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two adjoining structures provide five declared units, off-street parking, and one active short-term rental.
Where is this apartment building located?
The property is located at Calle Las Palomas San Juan, PR.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 5 declared units within two adjoining structures; Approximately 3,600 sq ft of construction on the property; Up to 5 off‑street parking spaces
