33 Bedroom Apartment / flat for sale in Bluff

GREAT INCOME GENERATING INVESTMENT AWAITS YOU Direct access to Bayhead/main container terminal/Durban harbour/schools and universities This property comprises of 3 large 3/4 storey block of flats with great view of the harbour. Block A has 9 units Block B has 12 units and Block C has 12 units totaling 33 units. 11 units comprise of 2.5 bedrooms, open plan kitchen/living area, toilet and bath 22 units comprise of 2 bedrooms, open plan kitchen/living area, toilet and shower and a spacious balcony Secure undercover parking for all tenants Prepaid electricity and water in each unit Fully tenanted - immediate income Low management hassle for prospective buyer Close proximity to schools, shops, churches, bus route and Durban CBD Current rental income per unit ranges from R5,500 to R6,500 per month Lease terms (existing leases are in place) INVESTORS ALERT there is a great shortage of student accommodation in Durban for all academic institutions (universities/techs and the like) Another key factor to consider is to convert each of the 33 units into sectional title hence quick investment return. Benefits to Investors/Prospective Buyers Existing tenants could be your new buyer Once off costs for conversion from lease hold to sectional title Increased property value Easier financing - banks are will to provide bonds for sectional title units much easier Independent ownership - owners receive their title deed Reduced owner liability - owner liable for levies and bonds only Better management/maintenance - body corporate controlled Improved marketability - high demand for lock up and go Present average selling price for sectional title units of this nature on the Bluff range from R580,000 to R780,000 Units require upgrades as the property is sold as is