Irausquin Blvd Z/ Largo, FL 00000
- Apartment buildings
- 28,000 SF
Current Use by Public Records
- Apartment buildings
Property Details for 0 Irausquin Blvd Z/
- Year built
- 2024
- Property size
- 28,000 SF
- Property type
- Apartment buildings
Description
This exceptional 6-story, Class A apartment building, completed in 2024, presents a lucrative investment opportunity. Located in the prestigious Eagle Beach area of Noord, Aruba, this property boasts 14 luxury units, each with 1 parking space, ranging from 1700 to 2200 square feet. The building features a striking design with a triple-height atrium and modern, energy-efficient climate control. With a total of 28,000 square feet of net rentable space, the property commands a price of $16,500,000, or $589.29 per square foot. The pro-forma NOI is $1,100,000, yielding a 6.67% cap rate. Situated on a 2892-meter lot, just 400 feet from Eagle Beach, the building offers breathtaking 360-degree views and is surrounded by upscale hotels and restaurants. The property is zoned for tourist and hospitality use and benefits from a 50-year remaining ground lease. Ideal for short-term or long-term luxury rentals, this investment is further enhanced by Aruba's status as a hurricane-free, prosperous island with low yearly taxes (0.004%). The building's prime location and high-end finishes, including Italian kitchens and bathrooms, ensure strong rental demand. A construction moratorium until 2025 in the area adds to the property's value. This is a rare opportunity to acquire a luxury multifamily asset in one of the world's most desirable beach destinations. The property is held in a corporation.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Largo
- County
- Aruba
- State
- Florida
- Longitude
- -70.0533
- Latitude
- 12.5536
