Casco Viejo’s Iconic TEATRO AMADOR Commercial Property Now For Sale!
Casco Viejo’s Iconic TEATRO AMADOR Commercial Property Now For Sale!
CPCASCO-TEATRO
11296 Sq Ft
Location
- Town: Casco Viejo, Panama City
- State/county: Pacific
- Province: Panamá
Description
You’ve just found an absolute gem of an opportunity! This commercial property located in the heart of Casco Viejo (or Casco Antiguo) offers investors or operators the chance to acquire one of Panama City’s most iconic venues! Teatro Amador was built in 1908 by The Railroad Panama Company and is the oldest actively running theater and event space in Panama. It is in essence, the “original theatre & event venue” of the country!
Teatro Amador is located in the heart of the historic district of the Republic of Panama, just a 5-minute drive from downtown Panama City and a 10-minute walk to the Subway station. Conveniently located near all of the excellent bars, restaurants, & hotels of old town, this property is accessible and strategically located.
Floor Plan Metrics
Ground area: 3.230 Sq Ft. Total area: 11.296 Sq Ft.
Level 000. Ground floor: 3.230 Sq Ft
Level 100. Mezzanine Venue: 1.601 Sq Ft
Level 200. Restaurant Space: 3.397 Sq Ft
Level 300. Office & Co-working Space: 3.067 Sq Ft.
Event Venue
Teatro Amador is considered the best event & nightclub space in Panama City for live shows of up to 500 people. Buyers will be getting a top-notch sound and lighting system (many say the best in Central America, valued at $350,000 USD), amazing acoustic engineering and infrastructure and two large bars with top-of-the-line equipment. In 2015, Teatro Amador was listed as #89 ranking of 100 Discos in the world according to DJ Mag.com
Teatro has hosted top international artists including:
Joss Stone, Piazzola Plays Piazzola, Ruben Blades, Pedrito Martinez, Nicolas Jaar, Desorden Publico, Nelson Arrieta, The Martines Brothers, Rawayana, Señor Loop, Laura Guevara, &Me, Son Miserables, Damian Lazarus, Los Rabanes, Bacilos, Lasso, Bedouim, Monalisa y Rodrigo, Bomba Estereo, Lee Van Dowski, Dubfire, Paco Osuna, San Luis, Stacey Pullen, Hot Since 82, Tini, DJ IRIE, Anja, Schneider, Loco Dice, DJ Tennis and more.
The venue also has the capability to adapt to a variety of different private and corporate events including conferences, press events, product launches, cultural events or educational workshops. Previous customers include Cervecería Nacional, Procter & Gamble, Municipio de Panamá, Bacardí, Buchanan’s, Cartier, Ford, Audi, Land Rover, Autoridad de Turismo de Panamá, Adidas, Under Armour, Festival Internacional de Cine, L’Oreal and TEDx.
Venue Capacity
Standing: 500
Cocktail Event Style: 350
Seated Event: 130
Cinema Event: 90
Restaurant
Located on the level 300, the restaurant was fully renovated in 2014 and includes an exposed state of art kitchen with custom-made stainless-steel fixtures and furniture valued at over $300,000.
From 2015 to 2020, the restaurant operated as Caliope Restaurant & Bar which achieved a rank of the #1 restaurant in Panama City by TripAdvisor out of over 900 total restaurants. The restaurant has 90 seats and can serve up to 200 for cocktail events.
The restaurant has an integrated sound and acoustic system and is ideal for live shows and also includes two private dining rooms. The space includes a 320sq ft inner-courtyard with live green wall.
For several years, every weekend Caliope hosted a dining and musical experience called “Helicon”; customers enjoyed an exquisite menu, live art, dance and experimental music that transitioned into Panama’s most exclusive party and nightlife scene.
Helicon featured a host of select DJs, artists, and producers interacting with the space and people providing partygoers with a spiritual experience, and a sense of awe and possibility.
Offices & Co-working Space
The upper floor contains a beautiful 2.895 Sq Ft office space with, a structural glass floor, up to 14 workstations, an 8-person private conference room, 1 private office, 1 semi-private room, 3 bathrooms, and kitchenette.
Casco Viejo Tax Incentives
In 1997, UNESCO named Casco Viejo a World Heritage Site which kicked off the restoration of its streets and colonial buildings. Today, both tourists and Panamanians are returning to Casco Viejo making it one of the most expensive residential and commercial districts of the country.
Since the late 90’s, the government implemented new fiscal regulation that ignited a rehabilitation of the area, Teatro Amador building is currently eligible for the following incentives:
- 3% interest rate credit on commercial loans.
- 30 years property tax exemption. Exp 2042.
Turnkey Price: $3,950,000 USD
Includes intellectual property, mailing lists, all furniture, fixtures, equipment and everything a new operator would need to execute their own vision.
Buyer may also assume existing debt of approximately $2.1 million, which has a net interest rate of only 2.75% (due to Casco interest rate incentive) and 15-year amortization.
This property can be purchased and operated by owner, rented out for short term events to others, or rented out to a long term tenant. Monthly rent has been valued at $17,000 – $20,000 for a long term tenant.
TEATRO AMADOR Walkthrough Video: https://youtu.be/RTzs1PFw_pw
Reach out to us ASAP for more info on this incredibly unique opportunity, and to arrange a private showing of the property.
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