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Price adjusted for an amazing income generating property!
R 3,100,000
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General Details
Location:
For Sale By:Agency
Dwelling Type:House
Bedrooms (#):Studio or Bachelor Pad
Bathrooms (#):4+
Size (sqm):800
Parking:Covered
Description
Good investment property with scope to increase income drastically!
Options:
Keep the front heritage façade in front, and do a new and exciting development
OR
Keep the existing buildings, renovate and increase the potential income!
This unique property offers a lot -
1. Two semi-detached houses with heritage fronts-
One bedroom house - current rent R3 800 p.m.
Two bedroom house - current rent R5 300 p.m.
2. Enormous ±130m² laundry - current rent R5 800 p.m.
This huge open space is something to seriously look at - it can be converted into more accommodation to rent out.
3. Four bachelor flats - current income R5 500 per unit. Two of the units are rented out but a much better income can
be achieved by some renovations and upgrading.
4. Large Double story house - current rent R8 000 p.m. This building can be divided into two or more living spaces and the
rental income can be increased drastically with some refurbishment.
The current monthly income is R28 400. It is a drop in the bucket to what the property can yield with TLC.
It is perfectly located in the "mixed use zone area", next to an Apartment block.
Some other possibilities include:
1. Apartment building
2. Community residential
3. Dwelling house
4. Group housing
5. Hostel
6. Lodging accommodation
7. Second dwelling house
8. Third dwelling unit
9. Visitor's accommodation
10. Occasional use (x1)
12. Restaurant (on ground on activity street)
13. Shop (on ground on activity street)
14. Utility services
15. Medical Facility
16. Dementia/Alzheimer center
19. Retirement village
Original building plans available.
Are you ready for a new challenge in 2024? Let's make this happen!
Property Reference #: CCH463
Agent Details:
Barbara Strydom
Cape Coastal Homes
Shop 9, Melcksloot Village, Cnr of Reese Road & De Beers Avenue, Somerset West, 7130
Options:
Keep the front heritage façade in front, and do a new and exciting development
OR
Keep the existing buildings, renovate and increase the potential income!
This unique property offers a lot -
1. Two semi-detached houses with heritage fronts-
One bedroom house - current rent R3 800 p.m.
Two bedroom house - current rent R5 300 p.m.
2. Enormous ±130m² laundry - current rent R5 800 p.m.
This huge open space is something to seriously look at - it can be converted into more accommodation to rent out.
3. Four bachelor flats - current income R5 500 per unit. Two of the units are rented out but a much better income can
be achieved by some renovations and upgrading.
4. Large Double story house - current rent R8 000 p.m. This building can be divided into two or more living spaces and the
rental income can be increased drastically with some refurbishment.
The current monthly income is R28 400. It is a drop in the bucket to what the property can yield with TLC.
It is perfectly located in the "mixed use zone area", next to an Apartment block.
Some other possibilities include:
1. Apartment building
2. Community residential
3. Dwelling house
4. Group housing
5. Hostel
6. Lodging accommodation
7. Second dwelling house
8. Third dwelling unit
9. Visitor's accommodation
10. Occasional use (x1)
12. Restaurant (on ground on activity street)
13. Shop (on ground on activity street)
14. Utility services
15. Medical Facility
16. Dementia/Alzheimer center
19. Retirement village
Original building plans available.
Are you ready for a new challenge in 2024? Let's make this happen!
Property Reference #: CCH463
Agent Details:
Barbara Strydom
Cape Coastal Homes
Shop 9, Melcksloot Village, Cnr of Reese Road & De Beers Avenue, Somerset West, 7130
Id Subtitle 1269329083
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Estimated monthly repaymentR 33,595
Total property loan amountR 3,100,000
Total interestR 4,962,781
Total repaymentR 8,062,781
Interest rate at 11.75% for 20 years *
* The interest rate is by default set to the prime lending rate. Banking institutions may choose to lend to individuals at a rate above or below this prime rate.
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Cape Coastal Homes
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