R25,000,000 | 60 Bedroom Apartment Block For Sale in Morningside

45 Apartments for sale in Essenwood.

Once-in-a-Lifetime Investment Opportunity in Essenwood, Morningside.

This prime property, consisting of 45 apartments, is now available for sale. The sale includes 56 undercover parking spaces and expansive garden areas, offering lots of possibilities for the new owner. This versatile property can be utilized for private residence, rental income, Airbnb, student accommodation, and many more.

Property Breakdown:

• 13 x 2-bedroom units

• 16 x 1-bedroom units

• 16 x bachelor units

• 56 undercover parking spaces

The current owners have been gradually vacating tenants by not renewing expiring leases. This gives the new owner the opportunity to use these apartments his needs.

Occupancy Details:

• Current occupancy: 21 units

• Vacant units: 24 units

• By February, occupancy will decrease to 19 units due to the non-renewal leases.

There are no levies, new ownership will determine if they need levies. Depending on their purpose to purchase.

While the general condition of the units is fair, the new owners can change it by modernizing it to its fullest potential.

Please contact us, do not miss out on this great income generator.