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asking price
USD $4,965,000
Acres .94ac
.38ha
Swimming Pool

Beachfront development opportunity

These 3 buildings comprise of 12 apartments and a detached villa on a 0.92 acre site with a natural elevation of between 12 and 13 feet above sea level and approximately 280ft of beach frontage.

The three buildings are arranged around a central pool and decking area with steps down to the beach, access and parking are to the road side. Building A (built 1970's) and Building B (built 1998) are both of steel reinforced concrete block construction with concrete slab foundations, the Villa is currently in need of substantial renovation and a partial concrete structure.
Every apartment has fabulous views of the sea and its own balcony or access onto the deck. Each apartment is self contained with its own kitchen, living room, bedroom(s) and bathroom(s) independent A/C and metered utilities.
The apartments are also stratified with it's own land register and the units can therefore be resold individually if the purchaser so wishes.
Prospect Point Apartments offer a unique opportunity for a investor to acquire property in the Cayman Islands with a strong existing income stream and a choice of how to renovate the villa to suit their personal requirements.

  • Waterview
  • Swimming Pool
  • Waterside
  • 0.94 acres (0.4 hectares)
Ref: RSI090183M

Old Prospect Point, Grand Cayman
Cayman Islands

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Property for sale - Old Prospect Point, Grand Cayman

Location information

Old Prospect Point has long been regarded as one of Cayman's most desirable oceanfront communities, lined with multi-million dollar beachfront homes, high quality apartments and stunning ocean views across the reef. A natural beach ridge follows the outline of the coast with shallow waters at its foot. A new bypass road has relieved it from morning congestion and has returned it to a quiet residential road. With George Town and Seven Mile Beach only an easy ten minutes commute and the nearby Shops at Grand Harbour provide a supermarket, pharmacy, wine store, gym, bookshop and hair salon. There's also a restaurant, bar and cafe with a skate and surf park for families. Old Prospect Point Apartments are rented primarily to corporate tenants from local banks and associated industries. The complex is typically fully leased with low void periods, which reflects its attractiveness in terms of location and market rental rate. The apartments are projected to generate a net income in the US$375,000 range once the villa has been renovated. Short-term rentals could further increase the income stream from the apartments. Alternatively the villa could be renovated and used as a private residence for the purchaser and the apartments produce an attractive ongoing income stream.