Rare Opportunity to Purchase an excellently maintained and managed block of 34 Flats in Lambton, Germiston. This property comes to the market for the first time in 22 years.
The property is owned in a Company and the shares of the company are being sold. This gives the Sellers and tax advantage and also offers the Purchaser a huge saving as transfer duty will not apply.
The Asking Price is R15,500,000 for a 100% shares in the company.
The revenue and profit as of 28 February 2022 are as follows:
Revenue - R2,606,352
Operating Expenses - R 881,901
Net Rental Income - R1,724,450
Monthly Net Income - R 143,704
This offers an excellent return on investment.
The total land measures 6209sq meters, with the improvements being 3002 sq meters made up as follows:
1x Bachelor Flat,
5 x One Bedroom Flats,
24 x Two Bedroom Flats,
4 x Three Bedroom Units
21 X Single Lock up Garages
21 X Lock up Carports
9 x Open Parking Bays
2 x Staff Rooms
2 x Store Rooms
The Property has been continuously maintained and upgraded over the last 22 years. Some examples of this are as follows: replacement of old stoves, replacement of old geysers to high pressure geysers, installation of showers, installation of washing machine points, replacement of worn carpets and floor tiles, replacement of kitchen counters to modernise the units.
The building also has a fiber optic cable system.
For further information on this excellent opportunity please contact the listing broker