R7 900 000 | 45 Bedroom Apartment / Flat For Sale in Maitland, Cape Town

*EXCLUSIVE SOLE MANDATE*

If your an investor and looking for student accommodation then The Cannon is the place to be.

or it is GR4 Zoned.

Currently undergoing a full refurbishment to make it NSFAS compliant and to meet the needs of the discerning students The Cannon is sure to deliver.

A 2-storey high Student Accommodation block situated in Maitland

Owned since 2012 which undertook extensive renovations to renovate the existing 6 apartments and add two studio apartments to total 8. Additionally, the Caretaker and his family occupy a 3 bedroom ‘wendy style’ house on the premises which could be used for additional rental income.

Configuration of the apartments as follows:



TOTAL CAPACITY = 45 STUDENTS


MAXIMUM MONTHLY RENTAL INCOME

R162 000.00 (@R3600 per bed x 45 beds) MONTHLY RENTAL FOR STUDENT MIX. Could Be higher with private rooms*

Fingerprint reader with turnstile at the front gate is an excellent, additional feature. Approximately 4 parking bays on premises.

Rates are approx. R1800 per month

The company is VAT registered so any sale price would need to factor in 15% VAT (which any VAT registered entity who buys the property is able to claim back this expense of course). But if you buy in a company this can be a zero rated transaction meaning you get it all back!


The property is also Zoned GR4 so potential to knock it down and resell after development is another option.



Purchase Price R 7.900.000 plus vat

Bond - Based on 100% is R 87K pcm ( 10% interest rate over 20 years)

Expenses R20K

Other R5K

Estimated Profit R50k per month

This building will come with al furniture and all signed up to Universities and NSFAS

I look forward to showing you around the property .

• Sleeps 45
• Profit R50k per month
• Zero Rated Rated Transaction
• Fully Registered with NSFAS
• You still can put your in put into the refurbishment