24 Bedroom Apartment For Sale in Johannesburg

Property description

The property comprises of 2 blocks of residential apartment units. The Property offers 1, 2 and 3 bedroom units that are over 3 floors, with a total of 24 apartments. The property further offers 28 covered parking bays on the ground and basement level, as well as staff rooms.

INVESTMENT PROFILE:
All units are currently tenanted and comprise of the following sizes:
1 x 1 Bedroom Apartment, measuring 60m2
16 x 2 Bedroom Apartments, measuring 110m2
7 x 3 Bedroom Apartments, measuring 125m2
28 x Covered Parking Bays

INVESTMENT CALCULATION:
We have used the net income capitalisation method of valuation to determine the value of this property.
Gross Annual Income: R2 300 000
Annual Expenses: R545 845
Net Annual Income: R1 754 155
Asking Price, Excluding Vat: R15 000 000
Yield: 11.7%

Gresswold is a small suburb in Northern Johannesburg and surrounded by Bramley, Savoy Estate, Kew and Bramley Gardens. The property is located in a middle income earning residential area and the development is aimed at the consumer earning towards the lower end of the earning scale in the region. Main access to the area is via Louis Botha Avenue and Atholl Street.