14-18 Dunmore Terrace, Auchenflower, Queensland

Current Vendor needs to get out

SOLD

Business Description

This is a corporate let with rental units in the pool, all in the corporate let are now all are back to corporate after changing to permanent
Unfortunately Corvid ruined this business and the bank wants the owner to sell. All form 6 have both short and long term stated. The income used to be at its height three times the stated current amount with a most generous BC salary. There is little work and is easily handled by one person. You do have to live on site but there is no office hours and office is exclusive use as is the storage.
This complex is in the heart of Auchenflower and presents well with both river and city views.
They are currently converting back to short term and the P&L is going up very well
Please call Robert Collins on ---------- or ----------

Business Summary

Business Snapshot

Price: SOLD Net Profit: $107,389 Remuneration / Body Corp Salary: $68,400

Managers Unit

Value of Managers Apartment: $569,000Bedrooms: 2Bathrooms: 2Car Spaces: 1

Complex Information

Complex Type: PermanentTotal Units in Complex: 28Total Units in Letting Pool: 8Owner Occupy Units: 16Outside Agent Units: 2Agreement Term: 25 yearsAgreement Term Remaining: 20 years
Marketing Agent
Robert Collins
Robert Collins

Key Investment Insights

1. The business is a corporate let with rental units in the pool.
2. The current owner needs to sell due to the impact of COVID-19 on the business.
3. The complex is located in Auchenflower and has both river and city views.
4. The income used to be three times the current amount with a generous BC salary.
5. There is little work involved and can be easily managed by one person.
6. The owner must live on site, but there are no office hours and the office is for exclusive use.
7. The complex is currently converting back to short term rentals and the P&L is improving.
8. The business has a net profit of $107,389 and a remuneration/body corp salary of $68,400.
9. The manager's apartment is valued at $569,000 and has 2 bedrooms, 2 bathrooms, and 1 car space.
10. The complex has a total of 28 units, with 8 in the letting pool, 16 owner-occupied units, and 2 units managed by outside agents.
11. The agreement term is 25 years, with 20 years remaining.

Management Rights Multiplier: 2.99
ROI Estimate: 33.45%

Listing location
Gallery

This Business is sold

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