Klm Property Holdings pays $4,300,000 for a Santurce property with restaurant permit filings
Klm Property Holdings has bought the property at 1108 Calle Magdalena, Condado, Santurce, San Juan, 00907, for $4,300,000. The deed was recorded on May 1, 2026. The tax roll lists 964 m2 of built area on the property, which puts the price at about $4,461 per square metre ($414 per square foot).
The deed is a sale, the contract by which a seller undertakes to transfer ownership of a property to a buyer, who undertakes to pay a set price.
A lot with restaurant plans on file
The Puerto Rico Land Use Plan classes the property's lot as urban land. That means land served by roads, water, electricity and other infrastructure in an area already consolidated by building. The class alone does not make a lot buildable.
Applicants submitted 6 permit filings for the property over the past 24 months. A filing does not establish that work started or finished.
One project, Los Cheesy, filed a use recommendation request, which asks the permits office's use division for a non-binding written opinion on whether a proposed action complies; the office approved the request filed on June 16, 2025. The same project filed a single permit on October 9, 2026, and that application is under inspection. A single permit bundles into one application the use permit, environmental compliance, fire prevention certification, sanitary license and other authorizations a business needs to operate. The applicant described the works as "Restaurant, Retail Sales of Alcoholic Beverages".
A second project, RESTAURANT RUBEN CAFE, filed its own single permit on July 20, 2026, and that application is incomplete. The applicant described its works as "Restaurant with Retail Sale of Alcoholic Beverages".
Sales in Santurce and San Juan
In the 12 months from November 2024 to October 2025, buyers and sellers recorded 1,387 sale deeds in the Santurce neighbourhood, with a median price of $180,000. In the 12 months from November 2023 to October 2024, the neighbourhood recorded 1,455 sale deeds at a median of $185,000. The more recent year therefore had fewer sales and a slightly lower median, which suggests a quieter year for sales in the neighbourhood.
The whole municipality of San Juan recorded 5,370 sale deeds in the 12 months from November 2024 to October 2025, with a median price of $160,000. The year before, from November 2023 to October 2024, it recorded 5,778 sale deeds at a median of $145,000. Across the city, that points to fewer sales in the more recent year at a higher median price.