Fully Restored Commercial Building Prime Investment Opportunity – Casco Viejo

Nestled in the heart of San Felipe (Casco Viejo)—Panama’s most iconic and historic district—this fully restored commercial building represents an exceptional value-add investment opportunity within a UNESCO World Heritage Site.

With 1,377 m² of total construction, the property currently operates as an office and commercial asset, while offering the structural capacity and approved layout potential to be redeveloped into 18 boutique residential apartments, ideally suited for short-term rental operations in one of Panama’s highest-demand tourism and lifestyle markets.

The ground floor features prime retail spaces, presently leased to two of Panama’s most recognized and reputable brands: Fonda Lo Que Hay and Felipe Motta, providing stable income, strong tenant covenants, and long-term reliability.

A truly rare feature in Casco Viejo, the property includes 31 private parking spaces, significantly enhancing both its commercial value and future residential appeal.

Property Highlights

Land area: 760 m²

Total construction: 1,377 m²

Retail area: 1,046 m²

Office area: 651 m²

Parking area: 103 m² (31 parking spaces)

Private rooftop terraces with open city and historic district views—ideal for conversion into exclusive penthouse units or premium shared amenities

Whether maintained as a cash-flowing commercial asset or repositioned into a boutique residential development, this property offers exceptional upside potential in one of Panama City’s most sought-after and supply-constrained locations.

An ideal acquisition for institutional investors, developers, or private buyers seeking a high-performing asset with long-term appreciation in a historic district undergoing continued revitalization.