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Coastal investment opportunity in Richmond Hill with sweeping ocean views, versatile block of nine apartments ideal for student accommodation conversion; 22 bedrooms, 11 bathrooms and 11 covered parking.
Existing block of flats in Richmond Hill with stunning ocean view
THE PROPERTY CONSISTS OF THE FOLLOWING:
9 sectional title apartments including 22 bedrooms, 11 bathrooms and 11 parking bays
We recommend purchasing all sections individually to save the transfer duty applicable on R4.2M which will be a saving of R 239,356
This is a once in a lifetime opportunity to purchase an entire block of flats and possibly obtain 100% finance by the bank depending on your credit and affordability
Current Income/expenses
Monthly Rental Income: R 57 520
Monthly Expenses: R 24 624.95
Monthly Net Income: R 32 895.35
Annual Net Income: R 394 744.20
Cap Rate 9.40% (Return on investment on a cash purchase)
Change this old model into a profitable registered student accommodation and triple your income
Projected Income/expenses as a registered student accommodation
Monthly Rental Income: R 135 756
Monthly Expenses: R 40 478.54
Monthly Net Income: R 95 277.71
Annual Net Income: R 952 777.10
Cap Rate 22.69% (Return on investment on a cash purchase)
“The information provided is believed to be true and correct but does not form part of any agreement”
* Monthly costs are estimates and should be confirmed with the agent.
Listed for sale at R4,200,000
MyProperty Benchmark Indicator: Data-driven comparison vs similar active properties
Based on 202 listings in Gqeberha (town)
Insight
Priced above the median for similar properties in the area. On a price-per-m² basis, it is 50% below the median. Floor size is 1028% larger than typical for similar homes.
Benchmark uses town-level data where suburb sample size is limited. Premium areas may trade above town averages - check with the agent for local guidance.
Similar properties pricing
Key differences
Market depth
202 similar listings
High similar-home inventory town-wide (Gqeberha)
Median time on market: 89 days
* Insights are based on current active listings (excludes sold data) and may change. This is not a valuation or appraisal. Smart Property Insights Model v1.0
Richmond Hill is a vibrant, historic neighborhood in Gqeberha known for its charming Victorian architecture, tree-lined streets, and a bustling, eclectic culinary scene that appeals to young professionals and creative residents.
* Distances and amenities are approximate.
