24 Bedroom Apartment For Sale in Howick

Property description

This property consists of 20 brand new studio flats with a separate shower, toilet and hand basin in four blocks of five rooms with each having a solar powered geyser above and separate electricity meters for each unit.

These units bring in R2000 per month and it also has a main house bringing in R2500 per month plus four single rooms bringing in R1000 each.

The income potential is therefore

20 X R2000
1 X R2500
3 X R1000

Totaling R45 500 with costs being mainly shortfall of electricity not recovered and rates etc of approximately R5 500 thereby netting R40 000 per month.

Plans for a further 20 rooms have been submitted to Umgeni and are awaiting approval. These will be a double story on the road side of the existing buildings.

Note: Selling price excludes VAT.