On The Caribbean Coast, Puerto Viejo, Costa Rica
Three Luxury Resort-Style Residences + Lodging Operation
One Well-Appointed 2-BR Caretaker / Manager Cottage
4.5 Acres of Lush Paradisiacal Land with 100% Clean Title
130 Meters of Private, Pristine and Serene Jungle Riverfront
Potential for 5 Additional Residences and/or Lodging Expansion
All New High Quality Construction and Infrastructure in 2008
This fully-titled 4.5-acre estate, with 130 meters of rainforest river frontage, accommodates three (3) luxury residences, one well-appointed two-bedroom caretaker’s house, plus a laundry and storage building. All are tucked within a lush garden-like jungle landscape and rainforest wood. Easygoing jungle paths lead to a pristine riverfront.
The owners operate the property as a successful boutique lodge and the estate may be easily converted to purely residential or numerous commercial uses. Boasting strong web ranking and site traffic, the business is turnkey and ready for expansion.
This unique property, special due to its size, topography and meticulous maintenance, is extremely private yet open to nature and just minutes from all local amenities and beaches.
All buildings were architect-designed and constructed to the highest standards of workmanship and material under architect supervision.
All utility lines, including electrical, phone and Internet, are underground. A very substantial water supply and reserve system is in place.
Villa, 2153 square feet:
The construction is a combination of concrete and local hardwoods. Spacious and luxurious 2-bedroom house with en suite bathrooms, featuring vaulted cedar ceilings, big open-air living and fully-fitted kitchen area, hardwood, stained concrete floors, study, dressing room.
One-bedroom guesthouse, 1022 square feet:
The construction is a combination of concrete and local hardwoods. This house has an open-air living and fully fitted kitchen area, an oversized bedroom and spacious bathroom with separate dressing area and vaulted cedar ceilings. A very romantic and private house with a plunge pool, terrace and barbecue.
Two-bedroom guesthouse, 1216 square feet:
The construction is laurel and local hardwoods and is raised on stilts to allow for a magnificent view over the property. Open-air living and fully fitted kitchen area, both bedrooms with en suite bathrooms and a plunge pool with terrace, barbecue and outdoor dining area.
Two-bedroom Caretaker Cottage, 646 square feet:
The construction is laurel and local hardwoods. Currently the caretaker’s house, near the entrance to the property, this house has one bathroom, a living and fitted kitchen area and a veranda.
Laundry and general storage, 581 square feet:
Construction is a combination of concrete and local hardwoods. Divided into a laundry area with washer and dryer and storage for linens and a separate general storage where you will also find the pump system for the water supply. Water is connected to HUBs. Next to the building are 4 water storage tanks with a total capacity of 5283 gallons.
A Note from the Proprietors —
We bought undeveloped land in late 2006 as a lifestyle change project and transformed what was an old overgrown cacao plantation into a luxury boutique lodge with two rental houses.
The property is fully titled and all construction holds legitimate permits. The property and business will be sold as a company (Sociedad Anonima) which will include the bank account, telephone line, internet, website and all relevant documents.
The sale price is based on the assets plus an additional income. This income can be easily increased .
In 2009 we opened the lodge for guests as one of the few high-end accommodation options in the area. We think it is relevant to mention here that we have chosen a luxurious lifestyle option by employing two full time staff to whom we provide rent-free accommodation on site. Consequently, any future owner could choose to save considerably on costs by choosing different options in management and hours of employment.
Since 2010 the lodge has been funding our living costs and the running costs from the income generated.
The majority of guests are from the USA or Canada, staying 6 or 7 nights with a marked number of honeymoon couples. Work done by our new web master shows increasing traffic through organic searches. The lodge is also well represented on TripAdvisor.
From our personal point of view we live an amazing life, the area is stunningly beautiful and we love the eclectic community, the last count was over 40 different nationalities.
Both of us have travelled widely and lived in many different places and we feel it is now time for a new adventure, somewhere in Europe, closer to family.
About the Area —
Along the Caribbean coast of Costa Rica the rainforest meets the ocean. The area is stunningly beautiful, with spectacular beaches, great tracts of rainforest and abundant wildlife.
The subject property is situated within the small settlement of Cocles, just a short bike ride from downtown Puerto Viejo. Strolling the grounds, wading through the private stretch of river or lounging poolside, visitors may sense they are far gone from civilization. Yet just down the road are restaurants, supermarkets and evening entertainment.
Potential Purchaser Profiles —
Option 1 — Lifestyle Change
Continue as is, residing in the main house year-round, marketing the two lodging units, caretaker resides in the Caretaker Cottage:
At 40% average annual occupancy $ 78,480
At 50% occupancy $ 98,100
At 60% occupancy $117,720
Option 2 — Lifestyle Change Optimizing Current Income Potential
Reside in the two-bedroom Caretaker Cottage, adding the villa to the rental potential:
At 40% average annual occupancy $120,960
At 50% occupancy $151,200
At 60% occupancy $181,440
Option 3 — Development and Expansion
Construction of 1-5 additional rental / lodging units with full maximization of income potential: The current one-bedroom house, romantic in ambience and setting, has proved to be a big hit with honeymooners, so a suggestion would be to expand with similarly romantic one-bedroom houses and/or lodging accommodations.
At approximately 80 m2, with construction costs at about $800 p/m2, built simpler than the existing one-bedroom house. Without a plunge pool, a realistic nightly net rate would be $200.
There are five potential new home sites on the property and these could be developed without compromising the privacy of each house and without removing old growth trees.
Estimated Development Potential —
One Additional One-bedroom Unit
40% occupancy $149,760
50% occupancy $187,200
60% occupancy $224,640
Two Additional One-bedroom Units
40% occupancy $178,560
50% occupancy $223,200
60% occupancy $267,840
Three Additional One-bedroom Units
40% occupancy $207,360
50% occupancy $259,200
60% occupancy $311,040
Four Additional One-bedroom Units
40% occupancy $236,160
50% occupancy $295,200
60% occupancy $354,240
Five Additional One-bedroom Units
40% occupancy $264,960
50% occupancy $331,200
60% occupancy $397,440
Sale of Parcels and Residences
In a gated community scenario, the land would be parceled out with sale of the four existing homes and the land lots as home sites or as a contracted build-to-suit projects.
Current Land Value Estimate: Price per m2 land is higher for smaller parcels, starting at about $50 per m2 at current market rate for this quality of rolling and highly textured pristine rainforest land. Add to that the value of private river access.
Regional Economic and Developmental Indicators —
To better facilitate operations between the US East Coast, Costa Rica and the Panama Canal, the Dutch port operator, APM Terminals, invested US$1 billion in a new operation now being constructed in Limon, about 55 km up the coast from Puerto Viejo.
About 65 km north of Puerto Viejo the oil refinery in Moin is set for expansion and modernization. Besides a general boost in the regional economy and employment, an influx in professionals with disposable income is expected to benefit Limon Province and its premier resort town, Puerto Viejo.
The region’s main north-south highway, Route 32, will be widened and modernized across its southerly 107-km stretch. Expanding from a two to four-lane highway, drive time between Puerto Viejo and the north, including San Jose and its international airport, SJO, will be significantly lessened. A concurrent expansion in tourism volume is expected.
Within the next few years it is expected that the Limon airport will be expanded to accommodate international flightsand and the development of a new airport was proposed by the president during a meeting of CARICOM. In December of 2014, Nature Air and Sansa commenced daily domestic flights to Limon, foretelling a significant increase in visitors to the Caribbean coast.
In September of 2015 the Port of Limon opened cruise ship operations, marked by 1,189 tourists boarding a Monarch cruise liner and the opening of Immigration Administration facilities.