Park Avenue 845

845

Property ID

84 Sqm

Size

2

Bedrooms

1

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.

Number of flats in building: 75.

Size: 84sqm.

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

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.

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.

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.

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

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.

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.

Would you like to make an offer on this property?

Address

Address: 18 Koch Street, Joubert Park
  • Country: South Africa
  • Province / State: Gauteng
  • City / Town: Johannesburg
  • Neighborhood: Hillbrow
  • Postal code / ZIP: 2198
Open on Google Maps
  • Property ID 845
  • Property Type Sectional Title
  • Property status Sold
  • Bedrooms 2
  • Bathrooms 1
  • Size 84 Sqm
  • Land area 4,876 SqFt
  • Label Invest
  • Number of flats in building: 75

Contact

Ian

Property Agent
reception@mamela.co.za
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