Listing
This incredible property is available for just $389,000.
Welcome to our colonial building nestled in the historic heart of Quito, Ecuador. This historic colonial building, currently in a grey built stage, presents an exceptional opportunity for diverse development pathways. From transforming it into a magnificent showpiece mansion in the heart of historic Quito to subdividing it into upscale condominiums or crafting a charming boutique hotel, the potential for this property is truly remarkable.
This Colonial Building Presents An Exceptional Opportunity For Those With A Penchant For Renovation Projects.
This remarkable Colonial Building sits prominently in the heart of Old Town Quito, mere blocks away from the Basílica del Voto Nacional. Such finds are truly rare; while there are numerous buildings available for sale in this historic area, none quite compare to this one. In fact, I recall encountering a similar structure approximately 15 years ago. The possibilities for this building are diverse, offering three distinct options:
- Transform it into an incredible private residence. With its ample space, the potential for creating a grand and luxurious home is boundless.
- Develop it into a charming boutique hotel or hostel, offering visitors a unique and memorable accommodation experience. The expansive space allows for the creation of an exceptional café with seating arranged within the central courtyard.
- Opt for a condominium conversion. This proven business strategy has been successfully implemented with similar buildings, with much of the challenging groundwork already completed.
There is also another option, which I would personally consider.
There is a fourth option to consider as well: remodeling it into a large-scale Airbnb location. This trend has been gaining significant traction in Medellin, Colombia, over the past five years, with investors reaping substantial rewards. They purchase large buildings and transform them into Airbnb paradises, complete with incredible amenities. Having observed many such projects, I can confidently say that this historic building, with its stunning colonial architecture, would be ideal. It offers a unique and beautiful structure that could become a standout Airbnb business. I would personally recommend focusing on mid- to long-term Airbnb rentals to maximize its potential.
This property is so large that you can easily add an owner's suite.
If you choose the Airbnb route, there will be some work involved. However, Ecuador offers access to highly skilled labor at exceptional prices. Labor costs range from $25 to $60 per day, depending on the skill level. “Maestros,” or masters of their trades, will be at the higher end of the pay scale, while their assistants will be around $25 per day. Hiring a project manager to oversee the work will cost approximately $500 to $1,000 per week. This building has strong structural foundations and significant potential to be transformed into something truly special.
Here are some basic details about the building. For additional information, please feel free to contact me.
- 22 Bedrooms
- 1300 M2 , That's almost 14,000 Square Feet
This colonial building boasts a large, open-air atrium that’s truly massive. Just imagine what you could do with it! I’ve seen a lot of similar buildings, especially in Cuenca, another great city in Ecuador, being transformed into beautiful cafes. Lot’s of potential here.
Properties in Ecuador
Properties in Ecuador
Properties in Ecuador
