Location: Situated in the vibrant neighborhood of Table View, this investment property offers convenience and accessibility to a host of amenities. Residents will appreciate being within close proximity to shops, restaurants, and public transportation options, enhancing their overall quality of life.
Property Highlights:
GR3 Zoning: With GR3 zoning in place, this property presents an exceptional opportunity for investors looking to maximize its potential. Whether you're considering redevelopment or expansion, the zoning allows for flexibility and creativity in realizing your vision.
Existing Buildings: Comprising two adjoining buildings, this property currently houses a mix of apartments catering to diverse housing needs. From single-story units to a two-story configuration, each unit offers comfortable living spaces including bedrooms, lounges, kitchens, and bathrooms.
Rental Income: Currently, all units are tenanted, generating a combined rental income of approximately R480,000 per year. This established income stream provides immediate cash flow for investors while planning for future developments or renovations.
Ample Parking: With secure off-street parking available for up to 15 cars, residents can enjoy the convenience and peace of mind of having dedicated parking spaces. This feature adds significant value to the property, particularly in an area where parking can be scarce.
Entertainment Area: The property boasts a shared entertainment area complete with a braai facility and a backyard, providing residents with communal spaces to socialize and unwind.
Prepaid Electricity: Offering prepaid electricity meters in all units enhances tenant satisfaction by giving them greater control over their utility expenses.
Investment Strategies:
SDP Amendment and Development: Explore the possibility of applying for a Subdivision and Development Plan (SDP) amendment to develop additional apartments. Whether for rental purposes or sectional title sales, expanding the property's footprint could unlock significant value.
Demolition and Redevelopment: Consider demolishing the existing structures to pave the way for a new vision of modern apartments. With a fresh design and upgraded features, these units could attract premium rental rates or sale prices.
Don't Miss Out: This is an exceptional investment opportunity in Table View, offering a combination of location, income potential, and future growth possibilities. Whether you're a seasoned investor or looking to enter the property market, seize this chance to capitalize on the thriving real estate landscape of Table View.
Contact us today to learn more about this exciting investment opportunity and schedule a viewing.