Existing block of flats in Richmond Hill with stunning ocean view

THE PROPERTY CONSISTS OF THE FOLLOWING:
9 sectional title apartments including 22 bedrooms, 11 bathrooms and 11 parking bays
We recommend purchasing all sections individually to save the transfer duty applicable on R4.2M which will be a saving of R 239,356
This is a once in a lifetime opportunity to purchase an entire block of flats and possibly obtain 100% finance by the bank depending on your credit and affordability

Current Income/expenses
Monthly Rental Income: R 57 520
Monthly Expenses: R 24 624.95
Monthly Net Income: R 32 895.35
Annual Net Income: R 394 744.20
Cap Rate 9.40% (Return on investment on a cash purchase)

Change this old model into a profitable registered student accommodation and triple your income

Projected Income/expenses as a registered student accommodation
Monthly Rental Income: R 135 756
Monthly Expenses: R 40 478.54
Monthly Net Income: R 95 277.71
Annual Net Income: R 952 777.10
Cap Rate 22.69% (Return on investment on a cash purchase)

“The information provided is believed to be true and correct but does not form part of any agreement”