9 Units for sale in great investment opportunity.
The complex comprises of 2 Double storey buildings, with a total of 20 units. The buildings are developed as stack simplexes with 5 units on the ground floor and 5 units on the upper-level floor of each building. Each unit has a garage and the upper units have partios on the garage rooftops.
There are 9 stack simplex, sectional title units for sale, including units 2, 3, 5, 6, 10, 12, 13, 14, and 15. There are 7 x 2 bedroom units measuring 90m2 and 2 x 3 bedroom units measuring 121m2. All 9 units are tenanted, with short term leases.
2 Bedrooms are selling for R1 250 000
3 Bedrooms are selling for R1 550 000
Investment Calculation:
Annual Income From 9 Units: R954 000
Annual Expenditure : R74 730
Annal Net Income: R879 270
Selling Price R11 850 000
Yield: 7.4%
The units are currently renting below the market rate, so there is an opportunity to increase the rental at the date of renewal of the leases.
Rates are paid by tenants.
