Two-Story Boarding House and Apartment Property

This property is a two-story residential building utilized as a boarding house and apartment complex, situated on a 108 square meter lot in Lucban, Philippines. The facade features a contemporary mix of materials, including decorative stone-cladding in earthy rust and tan tones on the upper level, paired with structural concrete. Two large, white-framed sliding windows are prominent on the second floor, screened for ventilation. The ground level is secured by a black wrought-iron gated fence, behind which laundry is visibly drying, suggesting active occupancy. The construction utilizes modern masonry and architectural tiling typical of late 20th to early 21st-century urban Southeast Asian residential styles. Notable features include its dual-purpose zoning for both business (commercial laundry potential is mentioned in the advertisement) and residential housing. While the image shows a functional property with standard weathering, the structural integrity appears sound from the exterior. The craftsmanship is utilitarian with decorative aesthetic upgrades like the textured wall tiles. The listing specifies 'complete papers,' indicating a legally documented real estate asset with investment potential due to its proximity to local institutions like SLSU (Southern Luzon State University).

I have examined the visual documentation for this two-story residential-commercial assembly in Lucban, Philippines. The 108 sqm property exhibits modern masonry construction with aesthetic treatments such as earthy-toned stone cladding and contemporary aluminum-framed glazing. From an exterior vantage, the structural integrity appears stable, though expected atmospheric weathering is present on the concrete finishes. The mixed-use configuration—serving both as an apartment and a student boarding house—maximizes the utility of the small lot footprint. The valuation is driven primarily by the property’s proximity to Southern Luzon State University (SLSU). In the Lucban real estate market, proximity to student populations creates a high ceiling for rental yields, making this an income-producing asset rather than a simple residence. Comparables in the Quezon province for similar lot sizes and multi-unit configurations typically range between 5.5 to 7 million Philippine Pesos. The 'active occupancy' noted by drying laundry suggests a proven track record of demand. However, the value is tempered by the high density of similar boarding houses in university towns, which creates a competitive ceiling on rent. Several limitations exist in this remote appraisal. I cannot verify the internal mechanical systems, plumbing for multi-family use, or the condition of the roof deck. A definitive valuation would require an in-person structural survey and verification of the Transfer Certificate of Title (TCT) to ensure no encumbrances exist. I would also need to audit the 'complete papers' mentioned and review at least 12 months of rental income receipts to confirm the capitalization rate. Authentication of the zoning permits for commercial boarding operations is essential for a final determination of market value.