22 Bedroom House in Richmond Hill

CALLING ALL INVESTORS: PRIME LOCATION FOR STUDENT ACCOM & BUILD EQUITY IN THIS RARE BLOCK OF FLATS Existing block of flats in Richmond Hill with stunning ocean viewTHE PROPERTY CONSISTS OF THE FOLLOWING:9 sectional title apartments including 22 bedrooms, 11 bathrooms and 11 parking baysWe recommend purchasing all sections individually to save the transfer duty applicable on R4.2M which will be a saving of R 239,356This 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 affordabilityCurrent IncomeexpensesMonthly Rental Income: R 57 520Monthly Expenses: R 24 624.95Monthly Net Income: R 32 895.35Annual Net Income: R 394 744.20Cap Rate 9.40 Return on investment on a cash purchaseChange this old model into a profitable registered student accommodation and triple your incomeProjected Incomeexpenses as a registered student accommodationMonthly Rental Income: R 135 756Monthly Expenses: R 40 478.54Monthly Net Income: R 95 277.71Annual Net Income: R 952 777.10Cap Rate 22.69 Return on investment on a cash purchaseThe information provided is believed to be true and correct but does not form part of any agreement Show more Show less

Richmond Hill, Richmond Hill, Port Elizabeth (gqeberha), Eastern Cape