Costa Rica Real Estate

CASA CANADA ANEXO 1 & ANEXO 2 - OFFICE BUILDINGS

The Casa Canada buildings are located one block east of Sabana Park in a prime area of San José, one block from the main avenue, Paseo Colon, and a couple of blocks from two express highways.

Anexo 1 was a house, completely gutted and rebuilt with 21 offices in late 2001. The 375 m2 (4,035 sq. ft.) two-story building has central air conditioning, an alarm system, a reception area, kitchen, toilets and a meeting room for the use of tenants. The reception area is equipped with fax and photocopier, operated by a code for each client. The reception employee answers phones, directs traffic, receives and sends packages and generally assists tenants. A security guard in CC2 across the street watches the only entrance to the building.

Two story Anexo 2 was built in 2004 with 713 m2 (7,672 sq ft) of office and public space. It has an open courtyard with two roofed seating areas, gardens and a balcony around the second floor offices facing the courtyard. A 24-hour security guard watches parked cars, opens the door for clients and provides night time security for both buildings. He also controls the key to the meeting room on the second floor.

The reception area is equipped with a fax machine and photocopier, for which each client has a code. There are four washrooms, a kitchen, a meeting room, a storage room and an electrical/telephone panel room. There is parking in front for five vehicles. There are 38 offices in the building including the meeting room and a very large second floor front office complex. Each office has individual air conditioning. In addition to rent tenants pay for additional phone lines, high speed Internet, photocopies and courier services.

These buildings have a very high occupancy rate. Many tenants have been there since the buildings opened. Occupancy benefited from the recent recession, as small businesses in these buildings do not require the services of a receptionist, cleaning people, fax & photocopy machines, or a meeting room -- these services are all provide. Both buildings have a central telephone system and high speed Internet throughout. The central location makes travel out of town or to the airport quick and easy.

Although the buildings can be purchased separately, they are better as a set to utilise the common guard and cleaning services. Both buildings, including all furniture and equipment, are available for $995,000, well below the $1,131,516 appraisal.