40 Bed House in Merrivale

Each of the 20 flats (57 square meters) consist of 2 Bedrooms with built-in cupboards, 1 Bathroom with bath basin & loo, Open plan Lounge Dining area and Kitchen also with built-in cupboards and stove, with a balcony off the lounge on first floor. Each unit has access to a covered parking bay. Separate water meters and Pre-paid electricity. Rental is R5,800 per flat

This property is Freehold. A perspective Purchaser could sectionalise the 20 flats and sell them separately if required.

The average net profit per month over the last 12 months generated from the rentals would support a bond of +/- R7,083,500.

To convert the property from Freehold to Sectional Title would cost +/- R85,000.

Transfer cost of this purchase would be +/- R817,094.

This means that if you sold the flats for R550,000 each, you''d realise a net profit of +/- R1,600,000.