Prospect Place 847

Sold

25 Prospect Road, Berea

847

Property ID

89 Sqm

Size

Bedrooms

Bathroom

Description

Another exciting well price opportunity at Prospect Place , a favourite amongst investors, walking distance from the Johannesburg University Doornfontein campus and Parktown BRT Bus route that is currently under construction , a huge improvement for the public transport sector.

The building is duly guarded by a turn style finger print security system as well as full time guards at the entrance.

Prospect Place has the potential to be one of the finest buildings in Berea. It is also high in demand with residents due to the above outstanding features.

Mamela is currently managing this unit in the building and the investors are getting great return on their acquisitions.

Standard Information

Number of flats in building: 84.

Size: 89sqm.

Levy: R 1082.63 Managed by Compeg. (011) 481 3400

Specifications

This is a very spacious two-bedroom unit, which consists of a bathroom with a bath, basin and a separate toilet and extra basin. It has a separate living area. There is also a separate kitchen and an open balcony.

Rent

R 4 320.00 pm. is currently paid to the owner. According to rental managers in that area, a rental income of between R 4 320.00 pm. and R 5 000.00 pm. can be achieved if the property is upgraded to the specifications.

Maintenance

The flat is in a good condition with a working geyser. A detailed maintenance quotation will be supplied to the successful buyer.

Sub-Dividable

Yes. According to the Body corporate 4 people may stay in the unit.

Closest Amenities

Closest Amenities:

Name	Type	Suburb	Distance
Spar – Fontana High Point	Shops	Berea	0.63 km.
Netcare – Rand Hospital	Emergency Services	Berea	0.52 km.
Afro Kombs College	Education	Berea	0.51 km.

Calculations

Calculation:

Purchase with Bond (90%):

R 178 000.00 Bond at 10.00 % =R 1545.96 p.m.
Monthly Levy =R 1082.63 p.m.
Rental Management fee (if applicable) =R 575.00 p.m.
Total =R 3203.59 p.m.

R 5000.00 rental income – R 3203.59 expenses = R 1796.41 Cash flow positive.

Purchase with Cash:

Monthly Levy =R 1082.63 pm
Rental Management fee (if applicable) =R 575.00 pm
Total = R1657.63 pm

R 5000.00 rental income – R 1657.63 expenses = R 3342.37 Cash-flow positive.

Gross Yield: 33.7% at R 5000.00 rental income and R 178 000.00 cash offer.