Brokerage | Multi-let Opportunity
37 4th Avenue, Melville
743 Squares offering two semi-attached properties
on one ERF each with 2 beds 1 bath and
2 outside cottages
•Property is currently being used as Airbnb with a daily rate of R600 per unit, excluding cottages.
•Property may require remodeling depending on the investor’s investment strategy. Outside cottages require work and expansion. An estimated amount of R200 000 was provisioned for this however is subject to an official building quote. Please note this is estimated and could be more or less the estimated amount.
•Excellent location being walking distance from the main road this property offers easy access to major amenities and major transport routes.
•It is so close to UJ Kingsway Campus, Melville CBD,and Melville BLVD, and Campus Square
Asking Price R 1 980 000
Negotiated Price R 1 650 000
Capital Cost R 2 113 794
2x 2 Bedrooms 1 bath rented at R 8 500
•2x 1 bedroom 1 bath cottage at R 5 000
•Rental Income R 27 000
•Bond Repayment R 12 792 (@prime 7%)
•Operating cost R 6 647
(Water, rates, management fee, maintenance
fee insurance & miscellaneous)
•Monthly Expenses R 19 439
•Net Cash Flow R 7 561
•Annual Cash Flow R 90 732