A PROPERTY DESIGNED AROUND INCOME POTENTIAL
If you are looking for a property that offers more than a conventional residential investment, This property presents an opportunity with commercial rights, multiple rental spaces and an established room rental setup.
Registered with the municipality as a commercial property with established business rights, the property is currently utilised as a room rental property and has been configured to accommodate several individual tenants.
The main residence has been divided into multiple rental rooms, creating the opportunity for several rental income streams from one property. Each room has its own prepaid electricity meter, allowing tenants to manage and pay for their individual electricity consumption.
The property includes two communal bathrooms. The first bathroom is fitted with a bath, toilet and basin, while the second bathroom offers a separate shower, toilet and basin.
The existing garage has been converted into an open plan rental space, adding another accommodation option and further rental potential.
There is also a separate outside room arranged as an open plan one bedroom living space with its own bathroom. This additional unit offers greater privacy and may appeal to a tenant looking for more independent accommodation.
An established tenant setup adds further appeal. Current tenants have indicated an interest in renewing their rental agreements with the new owner should the purchaser wish to continue with the existing rental arrangement. Any future rental agreements will remain subject to the applicable terms, negotiations and purchaser requirements.
PROPERTY FEATURES
Commercial registration with the municipality
Established business rights
Multiple individual rental rooms
Prepaid electricity meters for individual rooms
Communal bathroom facilities
Converted garage providing an additional rental space
Separate one bedroom outside unit with bathroom
Existing tenants
Potential for lease renewals
Electric gate
Burglar bars
Driveway and parking
Courtyard
Freestanding property
Fibre connectivity
Convenient Market Street location
A PROPERTY WITH MULTIPLE POSSIBILITIES
The combination of commercial rights, multiple rental spaces and an existing room rental configuration makes this property an interesting option for investors seeking an income generating asset.
Rather than relying on one residential tenant, the current configuration provides multiple accommodation spaces within one property.
The purchaser can consider continuing with the existing rental model or investigate other permitted uses that may be suitable for the property, subject to municipal requirements, zoning provisions and all applicable regulations.
PRICE: R1,050,000.00
If you are looking for a property with commercial rights, established rental spaces and the potential for multiple income streams, 924 Market Street is worth considering.
Contact Team Waggie at Harcourts Blue to arrange your private viewing and explore the possibilities this property has to offer.