An outstanding investment opportunity awaits in the sought-after area of Southernwood. This well-established apartment block currently generates approximately R245,000 per month in rental income, with a net income of around R160,000 per month. There is also significant potential to substantially increase the income by converting the units into student accommodation, with the possibility of potentially tripling the current income.
The property consists of two separate buildings offering a total of 80 mixed single and double bedrooms, together with 5 bachelor flats. Each bachelor flat is designed in an open-plan layout and includes 2 bedrooms, a kitchen and a bathroom.
Residents have access to excellent shared facilities, including 18 showers and 17 toilets, catering to the needs of the occupants.
The complex also has a dedicated caretaker living on the premises in her own apartment. Her accommodation consists of 2 bedrooms, a kitchen, lounge and bathroom, ensuring that the property remains well supervised and maintained.
Additional features include 10 on-site parking spaces as well as an in-house spa, adding further appeal and convenience for tenants.
The property's location makes it particularly well suited to the student accommodation market, with the established rental income and low vacancy levels adding to its investment appeal. The entire complex is neat, clean, well maintained and professionally managed.