Park Avenue 845

Sold

18 Koch Street, Joubert Park

845

Property ID

84 Sqm

Size

Bedrooms

Bathroom

Description

Park Avenue’s location is currently the centre of attraction for investors, commercial and residential, with new development in the area, prices are increasing rapidly. The building is managed by City Accommodations.

The building is fully occupied by tenants and Mamela Estates is currently managing properties in this scheme. The building is insured and boast with audited financial statements.

The security in the building is good and there are security guards, they also make use of Chubb Security as a backup system.

A great investment indeed.

Standard Information

Number of flats in building: 75.

Size: 84sqm.

Levy: R 850.00 Managed by City Accommodations. (011) 720 5334

Specifications

A spacious two bedroom flat with one bathroom consisting of a bath, basin and a toilet. It has a big open plan living area which has been converted into two additional bedrooms. There’s an open plan kitchen with a working geyser.

Rent

The owner is currently renting out the unit for an amount of R 6 800.00 pm. According to the rental managers in the area a rental income of R 6 000.00 pm. and R 6 250.00 pm. can be achieved should all the maintenance requirements be in place. Mamela Estates has been successfully managing similar units in Park Avenue for the past three years.

Maintenance

The flat is not in a good condition. The kitchen cupboards need attention and the unit needs to be repainted. A fully detailed maintenance quote will be sent to the successful purchaser.

Sub-Dividable

Yes. According to the Body corporate 6 people may stay in the unit.

Closest Amenities

Closest Amenities:

Name	Type	Suburb	Distance
The Bridge Shopping Centre	Shopping Centre	Joubert Park	0.35 km.
BP Cascareo Motors	Services	Joubert Park	0.17 km.
Saint Edna’s Secondary School	Education	Joubert Park	0.40 km.

Calculations

Calculation:

Purchase with Bond (90%):

R 193 000.00 Bond at 10.00 % =R 1676.24 p.m.
Monthly Levy =R 850.00 p.m.
Rental Management fee (if applicable) =R 718.75 p.m.
Total =R 3244.99 p.m.

R 6250.00 rental income – R 3244.99 expenses = R 3005.01 Cash flow positive.

Purchase with Cash:

Monthly Levy =R 850.00 pm
Rental Management fee (if applicable) =R 718.75 pm
Total = R1568.75 pm

R 6250.00 rental income – R 1568.75 expenses = R 4681.25 Cash-flow positive.

Gross Yield: 38.8% at R 6250.00 rental income and R 193 000.00 cash offer.