Westmorland is located in O’Reilly Road, Berea. This area is a favourite amongst investors and tenants.
The block has audited financial statement available. The Managing Agency is currently awaiting the audited statements for 2020.
The building is insured and has private security which is a great bonus.
A sound investment indeed!
Number of flats in building: 72.
Size: 70sqm.
Levy: R 1 450.00 pm. Westmorland Body Corporate.
One-bedroom unit with a separate bathroom. The unit has a kitchen with built in cupboards and a working geyser.
The current owner is receiving R4 2000.00 p/m. According to rental managers in the area the general rental income is between R 4 000.00 pm and R 4 200.00 p/m, if the property is upgraded to their specifications.
The unit is in a fair condition and requires some painting of the walls and tiling in the bathroom. A detailed maintenance quote can be supplied to the successful buyer on request.
No. According to the Body Corporate, 4 people may reside in the unit.
| Name | Type | Suburb | Distance |
| Thembekile Primary School | Education | Berea | 0.29 km. |
| Police SAPS | Emergency Service | Hillbrow | 0.82 km. |
| Spar – Fontana Highpoint | Shops | Hillbrow | 0.39 km. |
Calculation:
Purchase with Bond (90%):
| R160 000.00 Bond at 7% | =R 1 116.00 p.m. |
| Monthly Levy | =R 1 450.00 p.m. |
| Rental Management fee (if applicable) | =R 517.50 p.m. |
| Total | R 3083.50 p.m. |
R 4200.00 rental income – R 3083.50 expenses = R 1116.50 Cashflow positive.
Purchase with Cash:
| Monthly Levy | =R 1450.00 p.m. |
| Rental Management fee (if applicable) | =R 517.50 p.m. |
| Total | R 1967.50 p.m. |
R 4 200.00 rental income – R 1967.50 expenses = R 2 235.50 Cashflow positive.
Gross Yield: 31.5% at R 4 200.00 rental income and R 160 000.00 cash offer.
