Building To Monetize With Apartments And Shop In Lagos

Just two steps from Praia D. Ana and the city center of Lagos, in a tourist area, we present an investment opportunity to acquire a building with six fully renovated and furnished apartments, ready to start operating as local accommodations, offering high profitability potential. The building also includes a large shop and a garage.

The location couldn’t be better. This building is located in a well-established urban area, next to a five-star hotel, modern condominiums, restaurants, and shops, a five-minute walk from Praia D. Ana, Praia da Batata, the cliffs of Ponta da Piedade and the city center.

The building for sale consists of six apartments spread over three floors, with balconies and spacious terraces, and a large 184.6 m2 shop on the ground floor and a garage.

The apartments are divided into the following categories:

- 4 studio apartments

- 1 one-bedroom apartment

- 1 two-bedroom apartment

The studio apartments and the one-bedroom apartment each have one bathroom.

The two-bedroom apartment has two bathrooms.

In terms of area:

- Total lot area: 371 m2

- Building footprint: 297.7 m2

- Gross private area: 462.4 m2 (184.6 m2 commercial space + 277.8 m2 residential space)

All units have undergone careful renovation and modernization, including new plumbing and electrical systems, tile and flooring, new bathrooms and kitchens (equipped with Bosch appliances), new air conditioning systems in all units, and a new solar panel system for water heating. The apartments are fully furnished with new furniture.

In terms of location for tourist rentals, with its current features, this is an excellent opportunity. Furthermore, it is worth noting that in terms of profitability, the building already has a rented store generating monthly revenue.

In 2023, Lagos was one of the municipalities in the Algarve with between 1.0 and 1.7 million overnight stays.

ECONOMY AND TOURISM OF LAGOS

Lagos is a historic city located in southern Portugal, in the Algarve region, known for its stunning coastal landscapes, golden sand beaches, and rich cultural heritage. Faro International Airport is located just 90 km away, less than an hour’s drive.

Lagos’ economy is based primarily on three sectors:

1 - Tourism - This is the city’s main economic driver. Lagos attracts thousands of visitors every year, especially during the summer season, thanks to its mild climate, idyllic beaches (such as Praia Dona Ana, Praia do Camilo, Meia Praia), impressive cliffs, and vibrant nightlife.

2 - Fishing - Although it has lost importance compared to tourism, fishing continues to play a significant role, both for the activity itself and for its culinary tradition based on seafood and fresh fish.

3 - Services and local commerce - The development of the tourism sector is driving the growth of hotels, restaurants, shops, nautical tourism companies, and other service-related activities.

In 2023, Lagos was one of the municipalities in the Algarve with between 1.0 and 1.7 million overnight stays.

The change rate of overnight stays in Lagos in 2023 compared to 2019 was +15.4%.

If you are looking for an investment with high potential profitability, contact us to visit and learn more about this opportunity.
Energy Rating: D
#ref:V975