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Chiriqui Storage

We're selling our business

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Business opportunity for sale!

This property/business/opportunity we offer you is approaching its time in development.  Our vision for this storage business has steadily continued to grow into different chapters and the growth of this area (with tremendous rise in population) has not disappointed. 

In 2007 we realized that there were no public storage facilities in the area yet people were moving here and building homes, especially in Boquete.  8 years later we know we were on the right track – our storage capacity and business has more than doubled since its opening.  With the growth of our business also came older age for the 3 owners/partner and the business now needs some younger blood for continued successful growth.

Our 1.02 hectare titled property, located on a major new 4-lane highway, prime location, is 85% leveled and 40% utilized. It contains a nice 3 bedroom house our manager lives in and a 38 foot fifth wheel motor home which sits under a grove of trees, for the owner’s use. 

In addition 13 marine containers are divided into 52 storage units of various sizes, and we offer car, boat, and RV storage; an income of over$5,000 monthly is possible.  We have always averaged 75-85% occupancy and have expanded as necessary.  Every year we have increased our income.

In addition we host a monthly flea market going strong for 4 years now. The 60 - 80 vendors provide a nice side income for the owners.  We also have a small corner of our property leased for 20 years for an internet tower.  In addition to the rent, we also get free internet.  We also accommodate RV’s traveling through Panama with camping and hookups.

The property is shaded with many trees and plants and features a year round creek running through the property and a creek outside running front of the gate.  There is never a water issue as our 40 foot deep well provides us with pure drinkable water all year long.

Above is what we currently have built; below is a look at prospective opportunities for the prospective buyer:

1.        The north end of the property houses the flea market and 3 block and concrete storage units.  The storage units currently provide $630 per month in rent and the open flea market area provides approximately $800/mo net to the owners.  The total square feet of this area is 30x80 (2400 square feet, including the storage units).  Suggestions for alternative uses of this space and further development are:

a.        Expand the storage business in this locale, 6 more units (approximately 40 sq. ft.), at a cost of $5, 000 each ($30,000 total), and with 70% occupancy rate you will amortize your investment in two years.  After that it is pure profit

b.      Alternatively this north area can be converted to a business mall with rents of configured units of approximately $2.50/sf, yielding each unit approx. 270 sf, at a rent of $675/month = $4,050 per month ($48,600/year). This is a prime possibility given the growth in the area north and south, the location, and lack of shops, restaurants, and services.

2.        In the back lies a grassy area and seasonal creek (mostly year round) where 6 condos can easily be built.  This is a more ambitious project as the cost of construction is around $100/sf.  There are no condos in this area and they would be welcome.  Most people now moving to Panama (Chiriqui) are looking to rent or live in a smaller space.  Easy for locking and leaving.  Also some buy condos as an investment and rent them out.  Condos at 1000sf each cost $100,000 and each can sell for $140,000, more or less.  Possibly 6 units with a pool and stream running by would be a good project.  Total costs equal over $1,000,000 but the return on your money will be at least 10-15%.

3.       Another idea that was presented to us in the same area is a small hotel.  Figure a cost of about $1,000,000 again for the construction, and possibly 15 rooms for rent, plus a swimming pool.  Rooms about $90 per night each night = $1,350 per night (total capacity), = $40,000 per month, optimum.

All the above have been developments beyond our scope and plans at this time.  There is also room for expansion as the lot south of the property is for sale at a very reasonable price.

Here’s a couple of videos for your enjoyment:

https://drive.google.com/file/d/0B9PwQdfv--naMnhjMUpHbE1kMjg/view

https://drive.google.com/file/d/0B9PwQdfv--naZkJzS0JLSXo5dTg/view

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For more information contact us at chiriquistorage@gmail.com

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