Apartment for sale
Passive-income opportunity in Umgeni offering 20 solar-heated studio flats across four blocks, producing R45,500 monthly gross, with plans submitted for another 20 rooms pending approval.
This property consists of 20 brand new studio flats with a separate shower, toilet and hand basin in four blocks of five rooms with each having a solar powered geyser above and separate electricity meters for each unit.
These units bring in R2000 per month and it also has a main house bringing in R2500 per month plus four single rooms bringing in R1000 each.
The income potential is therefore
20 X R2000
1 X R2500
3 X R1000
Totaling R45 500 with costs being mainly shortfall of electricity not recovered and rates etc of approximately R5 500 thereby netting R40 000 per month.
Plans for a further 20 rooms have been submitted to Umgeni and are awaiting approval. These will be a double story on the road side of the existing buildings.
Note: Selling price excludes VAT.
Listed for sale at R2,500,000
KwaMevana is a well-established residential community in Howick that offers residents a peaceful, close-knit atmosphere with convenient access to the scenic beauty and essential services of the KwaZulu-Natal Midlands.
