R 8 500 000 | 40 bed property for sale in merrivale

Each of the 20 flats (57 square meters) consist of 2 Bedrooms with built-in cupboards, 1 Bathroom with bath basin & loo, Open plan Lounge Dining area and Kitchen also with built-in cupboards and stove, with a balcony off the lounge on first floor. Each unit has access to a covered parking bay. Separate water meters and Pre-paid electricity. Rental is R5,800 per flat This property is Freehold. A perspective Purchaser could sectionalise the 20 flats and sell them separately if required. The average net profit per month over the last 12 months generated from the rentals would support a bond of /- R7,083,500. To convert the property from Freehold to Sectional Title would cost /- R85,000. Transfer cost of this purchase would be /- R817,094. This means that if you sold the flats for R550,000 each, you'd realise a net profit of /- R1,600,000.