45 bedroom apartment for sale in Morningside

Once-in-a-Lifetime Investment Opportunity in Essenwood, Morningside.

This prime property, consisting of 45 units across a highly sought-after location, is now available for sale. The sale includes 56 undercover parking spaces and expansive garden areas, offering an array of possibilities for the new owner. This versatile property can be utilized for private residence, rental income, Airbnb, student accommodation, and more.

Property Breakdown:

• 13 x 2-bedroom units
• 16 x 1-bedroom units
• 16 x bachelor units
• 56 undercover parking spaces

The current owners have been gradually vacating tenants by not renewing expiring leases. For example, two tenants will vacate at the end of January, as their leases will not be renewed.

Occupancy Details:

• Current occupancy: 21 units
• Vacant units: 24 units
• By February, occupancy will decrease to 19 units due to the non-renewal of two leases.

There are no levies, new ownership will determine if they need levies. Depending on their purpose to purchase.

While the general condition of the units is fair, the finishes are outdated and would benefit from modernization to maximize their potential.