Park Mansions Ref 870

870

Property ID

43 Sqm

Size

1

Bedroom

1

Bathroom

Description

Park Mansions is perfectly located in Joubert Park. There are pre-paid meters installed in the building, a tremendous advantage.

The auditor is currently finalizing the audited financials.

There is security in the complex and the building is also insured. The lifts are not working, but the Body Corporate is attending to it.

This is an opportunity not to be missed.

Number of flats in building: 174.

Size: 43 sqm.

Levy: R 794.00 pm. Managed by Pal Property Management 011 472 7226.

A bachelor unit with a separate kitchen and bathroom with a bath, basin and a toilet.  The bedroom is subdivided into 2 rooms with 2 beds in the one room and a 3rd bed in the other.  The unit is tiled with Novilon tiles and is equipped with a pre-paid meter and a security gate at the front door.

The owner is currently renting out the unit for an amount of R 3 450.00 p.m. According to rental managers in the area a rental income of between R 2 800.00 p.m. and R 3 450.00 p.m. can be achieved, if the property is upgraded to their specifications.

The unit requires maintenance.  The bathroom basin is broken, leaking taps, toilet seat is missing, the bathroom requires paintwork.  The kitchen cupboards need attention.  A detailed maintenance quotation will be supplied to the successful buyer.

No. According to the Body Corporate 4 people may reside in the unit.

Closest Amenities:

Name Type Suburb Distance
Afro Kombs College Education Joubert Park 0.28 km.
Netcare – Rand Hospital Emergency Services Joubert Park 0.58 km.
Highpoint Shopping Centre Shops Joubert Park 0.16 km.

Calculation:

Purchase with Bond (90%):

R 130 000.00 Bond at 10.25 % =R1 149.00 p.m.
Monthly Levy =R   794.00 p.m.
Rental Management fee (if applicable) =R   396.75 p.m.
Total R 2 339.75 p.m.

R 3 450.00 rental income – R 2 339.75 expenses = R1 110.25 Cash flow positive.


Purchase with Cash:

Monthly Levy =R 794.00 p.m.
Rental Management fee (if applicable) =R 396.75 p.m.
Total R 1 190.75 p.m.

R 3 450.00 rental income – R 1 190.75 expenses = R 2 259.25 Cash flow positive.


Gross Yield:
31.84 % at R 3 450.00 rental income and R 130 000.00 cash offer.

 

 

 

Would you like to make an offer on this property?

Address

Address: 12 Van Der Merwe Street, Joubert Park
  • Country: South Africa
  • Province / State: Gauteng
  • City / Town: Johannesburg
  • Neighborhood: Joubert Park
  • Postal code / ZIP: 2198
Open on Google Maps
  • Property ID 870
  • Property Type Sectional Title
  • Property status Sold
  • Rooms 1
  • Bedrooms 1
  • Bathrooms 1
  • Size 43 Sqm
  • Label Invest
  • Number of flats in building: 174

Contact

Ian

Property Agent
reception@mamela.co.za
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