Property features

R3 850 000

Property Details

******REDUCED....REDUCED...REDUCED ...!!! VERSATILE 3 STOREY BUILDING ! IDEALLY LOCATED IN A PRIME LOCATION, BUSY STREET NEAR MALL ! MASSIVE POTENTIAL ! ****PRICE NEG !**** OFFERING A GOOD MIX OF RENTAL OPTIONS ! FULLY TENANTED !!! FULLY OCCUPIED LONGSTANDING TENANTS IN RETAIL COMPONENT ! REASONABLE OFFERS WILL BE CONSIDERED ! / This Lucrative Investment opportunity offers: Second Floor/ TOP FLOOR: 13 Rooms - (Upgraded rooms used as a Lodge / BnB currently) 10 x Rooms - 4 with bathrooms Large Communal bathroom neatly tiled servicing the other rooms. 3 x Rooms on monthly leases Daily cash books available - hugely Lucrative (R45k pm on av for 10 rooms) 1St Floor: (x17 rooms - mix with & without bathrooms) 1 x 1 Bed Flat with bathroom R3300 4 x Bachelor flats with Bathrooms @R2000 3 x Rooms without bathrooms@ R1500 - communal bathrooms on the floor servicing the other rooms. 7 x Single Rooms @ R1700 2 x Communal Bathrooms and 2 x Toilets Ground Floor: 6 x Retail shops Based on its Location - a medium to high demand for street faced shops exist in the area. 12,3% cap rate for Decentralized Street-Front shops Income - Shops: R23 650 pm - Flats: R37 700 pm - Top Floor rooms - daily & monthly rentals +-R43k (average)pm Total Monthly Gross R104 350 Annual Income R1 252 200 Vacancy 5% R63K Gross R1 189 000 Expenses R518k Net Income R 55 881pm R.O.I. 15% Open Market Val R4,5M Total GLA 2550sqm Zoning Bus 2 Secure parking yard with access gate EXPENSES Summary: Salary R16 000 Caretaker Municipality R23 402 Wifi R450 Telkom R400 CMS Security - Alarm Monitoring R450 Laundry and cleaning R700 Maintenance R1 800 Total R43 202 Offers from R3.5 - R3.7m sought - B A R G A I N !!!!! Exterior needs TLC - PRICE NEG FROM R4.5 TO R3.7 Call today to snatch up this money spinner !! SUPERB LOCATION to turn it into a goldmine