Prospect Place Ref 872

872

Property ID

78 Sqm

Size

1.5

Bedrooms

1

Bathroom

Description

An exciting well priced opportunity at Prospect Place, located in Berea, this area is a favourite amongst investors.

Mamela is currently managing numerous units in the building and our investors are getting great return on their acquisitions.

There is security at the building and the building is insured which is a great bonus.

This is an opportunity not to be missed!

Number of flats in building: 84.

Size: 78 sqm. 

Levy: R 1029.77 Managed by PAL Property Management 011 472 7226.

This is a one-bedroom unit which consists of a bathroom with a basin, bath and a dispersed toilet. It has a separate living area which is sub-divided into an additional bedroom. There is also an extra enclosed small room. A separate kitchen and an open balcony are part of this unit. The flat has recently been repainted and is tiled. There is an installed prepaid meter.

R 4 300.00 pm. is currently paid to the owner. According to rental managers in that area, a rental income of between R 3 800.00 p.m. and R 4 300.00 p.m. can be achieved if the property is upgraded to the specifications.

The unit is in a good condition. The bathroom requires a working basin and toilet seat as well as a mirror. The plugs in the kitchen and living area aren’t working fully and there is no handle on the balcony door. The DB board is burnt.  A detailed maintenance quotation will be supplied to the successful buyer. 

Yes. According to the Body Corporate 5 people may stay in the unit. 

Closest Amenities:

Name Type Suburb    Distance   
Police SAPS Emergency Services Hillbrow 0.92 km.
Berea Take Aways Shopping Berea 0.22 km.
Afro Komb College Education Berea 0.51 km.

 

Calculation:

Purchase with Bond (90%):

R 165 000.00 Bond at 10.25 % =R1 458.00 p.m.
Monthly Levy =R1 029.77 p.m.
Rental Management fee (if applicable) =R 494.50 p.m.
Total R 2 982.27 p.m.

R 4 300.00 rental income – R 2 982.27 expenses = R 1 317.73 Cash flow positive.


Purchase with Cash:

Monthly Levy =R 1 029.77 p.m.
Rental Management fee (if applicable) =R 494.50 p.m.
Total R 1 524.27 p.m.

R 4 300.00 rental income – R 1 524.27 expenses = R 2 775.73 Cash flow positive.


Gross Yield:
 31.27 % at R 4 300.00 rental income and R 165 000.00 cash offer.

 

 

 

Would you like to make an offer on this property?

Address

Address: 26 O'Reilly Road, Berea
  • Country: South Africa
  • Province / State: Gauteng
  • City / Town: Johannesburg
  • Neighborhood: Berea
  • Postal code / ZIP: 2198
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  • Property ID 872
  • Property Type Sectional Title
  • Property status Sold
  • Rooms 2
  • Bedrooms 1.5
  • Bathrooms 1
  • Size 78 Sqm
  • Label Invest
  • Number of flats in building: 84

Contact

Ian

Property Agent
reception@mamela.co.za
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