6 Bed House in Grahamstown Central

This six-bedroom historical home, set on Somerset Street, which can be traced back to 1863, is about as close 2 the Rhodes University campus as you can get. The front section of the property is double storey and there is an addition at the back, which is dated about 1850, that provides an extra 2 rooms in addition to the 4 in the double storey section.

The building is approximately 350 square meters in size, making it spacious for student accommodation. The rooms are all a good size with high ceilings and the building has been NSFAS-accredited by the university. There is still a lot of yellow wood evident, giving the property a great deal of character. Many of the floors have been sanded and sealed, making the rooms feel warm and welcoming.

This property can comfortably accommodate 6 students and currently has five students in residence, but it will also work very well as office premises for a legal or medical practice. However, there is no off-street parking available.

Financially, this is currently a good investment as it is almost full (leases until 30 November) and is generating a net income of over R90,000 p.a..

The asking price is R 1 995 000 And the gross rent is R173 000, giving an ROI of 4.73%. with the new leases coming in on 1 December, the ROI can be dramatically improved, to about 7.2%. This does not include the increase in the value of the building with time.

This is a building that is still in remarkably good condition and will suit either the savvy investor or professional people looking for an office with character. I strongly recommend that you look at this property before it is sold.