Commercial for sale at 356 Eighteenth Avenue
Vibrant Gezina location steps from universities, hospitals, shops and transport — high-demand fully let block offering 170 apartments, secure garden and tenant entertainment area with ample parking.
GREAT INVESTMENT OPPORTUNITY
FULL TITLE BUILDINGS
EXECUTIVE SUMMARY
- Full title building in GEZINA
- Total of 170 x apartments
- 155 parkings/garages.
- Currently let to working tenants with families.
- High potential for Student Accommodation with a very close proximity to Universities like TUT, UP, TVET and Steve Biko Hospital for SMU Students.
- Building is in VERY GOOD condition and in a safe area
- Close to amenities like schools, shopping centres, place of religion and transport nodes.
PRICE
R83 million for both buildings (R53m + R30m) negotiable.
Estimated replacement cost: R150 million
CURRENT MONTHLY GROSS INCOME: R866 000.00 PM
EXPENSES +-30%
LOCATION
Located in GEZINA
Close to the following amenities:
Medical facilities – walking distance to hospitals, clinics and medical facilities. (400m)
Educational facilities – primary and secondary schools, Universities and Colleges (600m)
Shopping facilities – 250m
Religious facilities – 300m
Transport facilities – taxi ranks, Bus Rapid Transit station all within 500m
Fuel stations – 300m
ENTITY
Property is registered in A COMPANY.
The company is NOT for sale as a share Transfer.
The company is NOT registered for VAT.
TRANSFER DUTY IS PAYABLE.
SPECIFICATIONS
AGE OF THE BUILDINGS: 40 Years
CONDITION: Building is well maintained. Apartment interior upgraded and renovated before any new tenants move in.
NET LETTABLE AREA: 9444m2(excluding garages, common areas and walkways)
ERF SIZES: Total of 7669
APARTMENT MIX:
Each apartment has a kitchen, stove, geyser, bedroom/s with built in cupboards, bathroom, open plan dining area and lounge.
- 24 x 1 Bedroom (63m2)
- 60 x 1.5 Bedrooms +- (65m2)
- 48 x 2.5 Bedrooms +-(80m2)
TOTAL APARTMENTS: 48 X Apartments in one building and 84 in neighbouring building
Plus 1 x Caretaker apartment per building
LEVELS: Ground floor + 6 Residential floors.
PARKING:
- 64 x Lock up Garages
- 91 x Under cover parkings
TENANT MIX: Currently leased to normal working-class tenants, mostly families.
ZONING: Res 4
ASSETS: A stove in each apartment is included. No other assets are included.
HERITAGE: Not subject to PHRA-G as the building age is below 60 years.
If a property is older than 60 years, it is subject to Section 34 of the National Heritage Resources Act. A permit from the relevant provincial heritage authority must be obtained for any renovations, demolition and alterations. The municipality will not approve plans without the PHRA-G consent.
VACANCIES: Currently fully occupied with no vacancies. When a tenant relocates, the owner upgrades the apartment and lets it the following month. Tenant waiting list secured for this building. High rental demand.
FEATURES AND FACILITIES:
- Caretaker apartment with bathroom, kitchen, lounge and bedroom
- Reception area and counter
- Office and storeroom
- Dustbin storage area
- 2 X 5 000 litre Water tanks on the roof
- Washing line area
- 2 x Vehicle Entrances and 1 Pedestrian Entrance (joint for both buildings)
- Biometric Access Control
- Slam lock gates at each front door
- CCTV Camera Surveillance on ground floor
- Electric fence
- Electricity prepaid meters for each apartment and one for common area
- Garden area
- 1 x Schindler Lift and an emergency fire escape staircase
- Play area and entertainment area with secure fencing for tenants
FINANCES
An income and expenses statement will be provided to successful buyers during their due diligence.
General Monthly Expenses
- Waste Removal
- Lift Service
- Maintenance, plumbing, pest control, electrical, roof repairs, paint, geyser, gardening, cleaning, etc.
- Caretaker/Cleaner salary
- Property Management
- Building Insurance
- Bond repayment and bank charges
- Municipal costs (rates, water, electricity, sewer and refuge)
- Electricity consumption in common area (tenants pay own consumption)
- Security
CAPITAL EXPENDITURE ITEMS (CGT deductable)
- Solar, Hot-water Boiler and Borehole Installation
- Building extensions
- Major refurbishments
- Lift replacements
- New security system
UPSIDE
1. Student Accommodation (Private and NSFAS)
The location of this building allows for a Student Accommodation Opportunity.
Conservatively calculated, 582 student beds will fit.
Estimated cost for conversion, amount to R10 000.00 per bed.
On A-Grade buildings, NSFAS pays R50 000.00 per student per annum in 2026.
For a full analysis and scope on Student Accommodation, please request from broker.
2. The living areas can be partitioned to create an additional bedroom. This would increase the rent with +-20%.
3. AIR BNB
Short Term Leasing is a great opportunity with buildings close to Transport Nodes and important amenities.
4. Cell phone Tower leasing options.
5. Outdoor Advertising opportunities.
6. Solar PV System,(immediately deductible under Section 12B) Central hot-water Boiler system and Borehole with pumps. The Boiler and Borehole would be claimed over time as a Capital Expense.
This not only save costs on water and electricity, but retains tenants, creates a higher demand, less vacancies with higher income and ultimately increases the value of the property.
BROKER BACKGROUND
Started in the industry in 2004 and since accumulated a wealth of experience and knowledge.
We are a niche brokerage that assist entrepreneurs to start successful and steadily build their income generating property portfolios.
We specialize in inner-city investment stock consisting mainly of blocks of residential apartments, development land, student accommodation and mixed-use buildings in Sunnyside, Arcadia, Pretoria CBD, Silverton, Pretoria West and Hatfield.
We assist entrepreneurs and existing investors not only to acquire buildings, but also to obtain finance, an effective due diligence support, preparation for NSFAS/University accreditation, BOQ, Conversion into student accommodation and sourcing property management.
DISCLAIMER:
We made every effort to ensure the accuracy of the information on this property at the time of listing. It is advised that the purchaser does a thorough due diligence to verify the information.
Should any cost or detail change, the broker cannot be held liable for any omissions, errors or differences.
Listed for sale at R83,000,000
Gezina is a well-established, centrally located residential suburb in Pretoria that offers residents convenient access to major transport routes, essential amenities, and a variety of affordable housing options.
