We are selling two of our Airbnb units

UPDATE – BOTH UNITS ARE SOLD. If you’re looking to purchase in Cali for the vacation rental market, then feel free to reach out via the contact section as I may be able to help.

So this is a first time for me.

With investors we have been accumulating a nice portfolio of cash flow producing real estate in Cali. But we have never actually sold anything before.

But sometimes life circumstances and priorities change and now is one of those moments, which is why we are putting two of our units on the market.

First, a bit of background…

Back in 2017 we bought two units in a small 4-unit building in El Peñon – the area that I consider the prime location for any short-term rental in Cali. For reference, the 5-star hotels Intercontinental and Dann Carlton are only one block away. Restaurants, cocktail bars, ice cream shops, supermarkets and most things of interest are located just a few blocks away. Colonial San Antonio is just across the street. Historic downtown is less than a 5 minute walk. So is the river boulevard and Cat Park.

These apartments were older, but spacious and with lots of potential. They just needed a bit of TLC.

What I initially thought was going to be a light renovation, turned into a complete gut job.

We tore everything apart and even moved a few walls, opened the kitchens, and made sure each bedroom got private access to a bathroom.

We changed all the plumbing, all the electrical installations, the roof of the building, the windows, the carpentry, doors, floors, ceilings, the kitchen and the bathroom furniture.

Then we installed appliances and furnished them both, and have been renting them both ever since on short and mid-term contracts.

Essentially it went from looking like this:

To looking like this:

Both apartments are identical in terms of size and layout. The only thing that varies is the color scheme of carpentry, furniture, etc.

Both are 162 m2, have 3 bedrooms, 3 bathrooms, a balcony, 1 underground garage and are being sold fully furnished. They are located on the 3rd and 4th floor of a small building. No elevator.

Here’s the floor plan:

In the spirit of being as transparent as possible, I’ve decided to share the performance from Aug 1, 2020 until Jan 31, 2022. Please note that these numbers below represent revenue during the pandemic which has been an enormous obstacle for any hospitality industry.

With a 7-day minimum reservation, we usually aim for guests that stay a bit longer which explains the lower nightly rate. Overall, a really healthy statement and reflecting numbers that any short-term property manager would be happy to see.

Here are the links to the two Airbnb listings where all the pictures of both units are available.

Gibraltar 301

Gibraltar 401

Unit 301 is currently rented until Nov 2022 for $5.000.000 COP per month and 401 just came out of a longer contract and we will begin offering it again.

Asking price for each apartment is $600 million COP or take both for $1,100 million COP as I would prefer a combined sale. That’s $278.000 USD according to today’s rate for two big apartments in one of the best areas of Colombia’s 3rd largest city. We will take payment in COP, USD and even crypto (bitcoin, ethereum, or USDC) according to daily exchange rate.

Monthly HOA fees: $377.000 COP

Annual Property tax 2021: $2.521.000 COP

This is the perfect opportunity for someone looking to relocate to Cali or to get started with the short-term rental market in Colombia. It’s a complete turn-key investment with a proven track record and one that is already generating positive cash flow. In the 4 years of operation, we have never had a negative month.

As a final note, I’m happy to keep administrating the two units if a potential buyer wishes. You can check our whole property management portfolio here.

Reach me on patrick@caliadventurer.com for more information or to schedule a showing.

Questions are welcome below as well.

Best, Patrick