This apartment block is situated in well established area in Peerless Park East, close to schools, near the central Shopping area and with easy access to main roads
The block consist of 15 bachelor units of approximately 30sq, m per unit, each offering an open plan bedroom, living room, kitchenette and on suite, All tenanted with pensioners. The total rental income at the moment is R25 162 per month. New tenants is paying R2149 pm which can push the rental up to R32 235 after escalation of the others. That amounts to R386 820 per annum.
The whole block is available as a going concern and the apartments the only asset in the Close Corporation which is not VAT registered. Tenants to pay electricity, water and sewerage.
The block needs a bit of attention, gardens neat and in good condition