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NO LOADSHEDDING apartment for sale
R 590,000
Can I afford this?
12 Photo(s)
1 year ago205 views
General Details
Location:
For Sale By:Agency
Dwelling Type:Townhouse-villa
Bedrooms (#):2
Bathrooms (#):2
Size (sqm):99
Parking:Covered
Description
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No. of years
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Estimated monthly repaymentR 6,394
Total property loan amountR 590,000
Total interestR 944,530
Total repaymentR 1,534,530
Interest rate at 11.75% for 20 years *
* The interest rate is by default set to the prime lending rate. Banking institutions may choose to lend to individuals at a rate above or below this prime rate.
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This 5 storey building in Krugersdorp Central Business District comes with 2 floors commercial/office space and 3 floors that have a total of 10 apartments.While this building may require refurbishment, this building in the CBD of Krugersdorp can be turned into an investment with a good potential income stream.The ground floor is an open space that could be used for retail or can be divided into offices or smaller retail spaces. This floor has a big kitchen and 3 toilets. The office/retail space potential for rent is about R50 to R100 per sqm.Access to the basement is obtained from this retail/office area. As the building does not have parking, changing this area into basement parking for all tenants is a consideration for a potential investor. Currently, only on-the-street parking is available. However, besides converting the basement into parking, the investor could contact other property owners to see if they could offer secure, under cover parking. Worth noting is that the basement can also be used as storage space. The 1st floor is accessed via stairs from the ground floor or the lift from the main entrance. This floor is ideal for office space. An exit to the roof is present where the washing lines for the flats are placed.The 2nd and 4th floors each have two spacious 2-bedroom flats (+/- 109sqm each). Each flat consist of a kitchen, 2 very spacious carpeted bedrooms with built-in cupboards as well as a main bedroom with a balcony. The bathroom comes with a bath and basin and a separate toilet while the large living area has wooden floors leading out onto the balcony.The 3rd and 5th floors each have 3 spacious 1-bedroom flats (+/- 76sqm each), this brings the total nuber of flats in the building to 10. These 1 bedroom flats consist of a kitchen, a very spacious carpeted bedroom with built-in cupboards, bathroom with bath and basin and toilet, as well as a large living area with wood floors that lead one onto the balcony.Apart from the basement, both the ground floor and the 1st floor areas are rented by a church currently, however, the rest of the building has been vacant for a while.For the flats/apartments to work, one will have to remove the carpets in the rooms and replace them with tiles or laminated floors, redo the kitchens and add plumbing for a washing machine, sand the wood floors, redo the bathrooms and give the whole building a lick of paint. Installation of new geysers is also a consideration.In summary, the building has 10 flats in total. Income of R3,000 to R5,000 can potentially be generated from each flat.On every alternative landing there is either a toilet or small store room.The roof needs to be painted while the parapets also need to be sealed. The lift has been switched off due to the building not being occupied.The building is situated centrally in Krugersdorp with public transport easily accessible as well as a number of banks, shops and medical facilities sur...Property Reference #: RL2719Agent Details:Mike SitholeRecoin Properties6 Old Pretoria RoadHalfway houseMidrand1618P O Box5193MidrandMidrand 1685Monday to Friday 08h00 to 16h30Saturdays 08h00 to 14h00
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