874
Property ID
57 Sqm
Size
1
Bedroom
1
Bathroom
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 some properties in this scheme.
The building is insured, and 24/7 security is available which is a nice bonus!
A great investment indeed.
Number of flats in building: 59.
Size: 57 sqm.
Levy: R 750.00 Managed by City Accommodations 011 720 5334.
A bachelor unit with a sleeping corner and 2 sleeping stations as well as a 3rd sleeping station on the enclosed balcony. The unit has a neatly tiled and painted kitchen with neat cupboards. There is a separate bathroom with a bath, basin and a toilet. There is a security gate at the front door and the unit is equipped with pre-paid meters.
The owner is currently renting out the unit for an amount of R 3 250.00 pm. According to the rental managers in the area a rental income of R 3 250.00 pm. and R 3 400.00 pm. can be achieved if the property is upgraded to their specifications. Mamela Estates has been successfully managing similar units in Park Avenue for the past three years.
The unit is not in a bad condition, although there are some areas that needs attention. A detailed maintenance quote will be sent to the successful purchaser.
Yes. According to the Body Corporate 5 people may stay in the unit.
Closest Amenities:
| Name | Type | Suburb | Distance |
| Saint Edna`s Secondary School | Education | Joubert Park | 0.33 km. |
| BP Cascareo Motors | Services | Joubert Park | 0.15 km. |
| Park Central Shopping Centre | Shopping Centre | Joubert Park | 0.18 km. |
Calculation:
Purchase with Bond (90%):
| R 135 000.00 Bond at 10.25% | =R 1 193.00 pm |
| Monthly Levy | =R 750.00 pm |
| Rental Management fee (if applicable) | =R 391.00 pm |
| Total | R 2 334.00 pm |
R 3 400.00 rental income – R 2 334.00 expenses = R 1 066.00 Cashflow positive.
Purchase with Cash:
| Monthly Levy | =R 750.00 pm |
| Rental Management fee (if applicable) | =R 391.00 pm |
| Total | R 1 141.00 pm |
R 3 400.00 rental income – R 1 141.00 expenses = R 2 259.00 Cashflow positive.
Gross Yield : 30.22 % at R 3 400.00 rental income and R 135 000.00 cash offer.
