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CP#0532 TURNKEY INVESTMENT OPPORTUNITY IN HISTORIC UNESCO WORLD HERITAGE CITY OF CUENCA
$550,000 USD.

Description

Casa Tierra Cuenca is a unique 8,000 square ft. turnkey investment property in the historic UNESCO World Heritage Site city of Cuenca and a dreamer’s delight, limited only by your imagination. If you long to own a boutique rental property or an exclusive bed and breakfast … or are a family wishing you could live in an award-winning patrimonial home in the heart of the El Centro Cuenca while having a built-in income… this fabulous 3-story property has it all.

The home includes 4 self-contained, fully-furnished suites (which have access to a central garden and courtyard and shared laundry room) in addition to a full commercial space with a kitchen, dining room, and restroom as well as an outdoor seating area and separate office/and additional seating space. For the past three years, this space has been occupied by one of Cuenca’s top-rated coffee shops.

This popular downtown home was recently renovated by a North American couple with the help of esteemed Ecuadorian architect, Lourdes Abad, who is renowned for her work with preserving historic earthen buildings. A sought-out lecturer at UNESCO conferences around the world, Ms. Abad is known in Cuenca for revitalizing famous landmarks including Puente Roto (Broken Bridge) and the San Francisco Church.

Casa Tierra Cuenca and Lourdes were awarded the coveted “Fray José María Vargas” Award for best historical renovation by the city of Cuenca and the home was featured in a publication of UNESCO Heritage renovations, making this an even greater investment and a cultural treasure for any buyer.

During its renovation, the home and its owners were also featured on a special one-hour episode of “House Hunters International Renovation” television show titled “Cuenca Calling” that aired in July of 2016.

The property is perfectly situated on Hermano Miguel in the Las Platos neighborhood of Cuenca (also known as Todo Santos) — an area that won the “Best Neighborhood” award from the local publication, Gringo Post, in 2016.

The home is 4 blocks from the city center and Parque Calderon and 2 blocks from one of the nicest parks (Parque de la Madre) and the city’s largest river, the beautiful Tomebamba. The new tram is 4 blocks from this home and Calle Larga (central bus lines) is only two blocks giving tenants and owners access to transportation without the noise and pollution of being directly on a bus route.

This popular downtown neighborhood is known for its historic architecture, proximity to local and international cuisine, churches, museums and art galleries, and as well Spanish schools and tons of shopping. Everything the city has to offer in El Centro is within walking distance from this ideal property.

The current owners of this exceptional property were meticulous in the renovation and took on the project as a way to live in Cuenca while also earning a good income to support themselves while living in this beautiful city by renting out the three additional suites. They have since had to move back to the United States for family reasons and have managed the home from afar with the help of live-in managers who take care of the property and are willing to stay on as part-time or full-time administrators should the buyer want to continue using the home as a boutique rental property. Fortunately, for the right investor, the current owners need to sell for a different project. The units are consistently occupied and receive rave reviews and oftentimes repeat tenants. Suites garner from $40-$60 per night. The cafe owner has made this property his base of operations and as of this writing has no intention of moving, generating additional profit for investors and a steady draw for tenants.

The main unit of the home is a three bedroom, three bath 3,000 square foot apartment that is currently being used as the manager’s/owner’s unit. It has its own entrance from the front of the house, as well as an entrance from the courtyard, its own private patio on the third floor and access to the shared courtyard and garden space with a fire table. There is also a private laundry area, a very large custom kitchen (granite counters, dishwasher, center island and custom handmade tile backsplash), a balcony off the master bedroom, a large loft overlooking the formal living room and a large secured storage space and a garage behind the house.

The three other suites are used to generate revenue and come equipped with kitchenettes and full, en-suite bathrooms. They also come with room-appropriate appliances, kitchen accessories, bedding, linens and everything needed for a long-term stay. High-speed fiber optic internet is in every suite and each suite has its own dedicated router. Each self-contained suite in the house is unique in size, character, and finishing touches. The suites are located in the back of the house and have several thick adobe walls insulating the living space from the street noises and outside world. Each apartment has its own separate entrance accessed through the courtyard or through the popular coffee shop and eatery located on the ground floor which has indoor and outdoor seating. Imagine the silence of the country while being in the middle of the city. The three income-generating suites are as follows: The Morgan Suite is located where the formal dining room and kitchen of the original colonial house once was. It is found on the 3rd floor of this 3-story home and has a very cozy bedroom with rooftop views of the city, a full kitchen, a full bathroom, and windows and a walkway that overlook the home’s interior courtyard. The Sofia Suite is located on the second level of the house and has one large bedroom, one smaller bedroom or office area, a living room, a full kitchen, and a full bathroom. This level of the house originally contained three bedrooms for the family of 10 that once lived here. The wall of the living room was pushed out to enclose the original walkway of this level and created a very warm and comfortable living space. The third suite, the Grace Suite, is located on the first level of the house and has one bedroom/living space, a full kitchen, a full bath and a kitchen and dining area. This apartment opens up directly into the courtyard. The living/sleeping area was originally one large room separated by a curtain in which two women lived. The kitchen was another bedroom, which housed the head maid, Rosa, who worked in this wonderful family home for over 40 years. The price for this incredible income producing property in the heart of Cuenca, Ecuador is $550,000.

  • Property ID: CP#0532
  • Price: $550,000 USD.
  • Property Size: 8000 sqft
  • Bedrooms: 8
  • Bathrooms: 7
  • Garage: 0
  • Garage Size: 200 SqFt
  • Year Built: 2016-01-09

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