**WILL BE SOLD COLLECTIVELY**
Apartment buildings offering 20 x residential units located in Thistle Grove, a residential suburb of Kinross. Walking distance to numerous schools and the Kinross Medical Centre.
This property is well-maintained and well-kept. It has been successfully operated and run by a corporate entity for years, offering accommodation at a discounted rate to their staff.
The property has great security, a fully enclosed erf with steel palisade, a remote-controlled access gate with a guard house, and solar perimeter lights.
Renting these units to private individuals will generate a much higher (market-related) rental income per month as there is a great demand for affordable accommodation in Kinross and the greater area.
Rates & Taxes: ± R23,032.63
Property Description:
20 LIVING UNITS (2 x Free-Standing Double Storey Buildings)
− APARTMENTS:
o 20 x Spacious 3-bedroom Units (Kitchen, Lounge / Dining Area, 3 Bedrooms & Large Bathroom & Storeroom).
o Good condition with good security.
o Each flat has its own designated lock-up garage.
− Communal braai and relaxation area.
− The whole facility is fully enclosed with remote access control and a guard house.
− 66 Carports: Assigned “First Come, First Serve” Basis
− Additional: 3 Storerooms
CURRENT INCOME AND INVESTMENT POTENTIAL
− All current leases are on a month-to-month basis.
− Water is included in the monthly rental.
− Electricity is pre-paid for each unit.
− Three-bedroom units: R 4 700.00 per month (20 units)
CURRENT RENTAL INCOME:
|
Units |
Description |
Unit Rent p/m |
Total |
|
20 |
3 Bedroom Units |
R4,700.00 |
R94,000.00 p/m |
|
ANNUAL RENTAL INCOME |
R1,128,000,00 |
||
MARKET-RELATED RENTAL INCOME POTENTIAL:
|
Units |
Description |
Unit Rent p/m |
Total |
|
20 |
3 Bedroom Units |
R6,200.00 |
R124,000.00 p/m |
|
ANNUAL POTENTIAL RENTAL INCOME |
R1,488,000,00 |
||
