Cairns City, Queensland

Excellent Permanent Letting Close to the CBD

SOLD

Business Description

Excellent permanent letting complex in Cairns.

Close to Raintrees Shopping Centre and all general facilities.

Ten minutes drive to Cairns CBD. Two and three bedroom apartments set within a secure gated community.

Well presented two bedroom, two bathroom Managers Apartment.

Top Agreements with almost 20 years to run and excellent $66,000 excl. GST salary.

This high demand rental property enjoys a top occupancy which is assured to continue with Cairns vacancy rate currently in March 2021 at 1.1%.

The consistent trading figures show no downturn over the Covid period.

Manager enjoys a good relationship with the Body Corporate committee.

Pets okay with Body corporate approval.

Easily run one person property management.

Contact Calvin for further information.

Business Summary

Business Snapshot

Price: SOLD Net Profit: $111,459 Remuneration / Body Corp Salary: $67,010Body corp salary review: CPI Annually

Managers Unit

Value of Managers Apartment: $255,000Bedrooms: 2Bathrooms: 2Car Spaces: 1Office: On TitlePets OK: Yes

Complex Information

Complex Type: PermanentTotal Units in Complex: 34Total Units in Letting Pool: 15Permanent Units: 15Owner Occupy Units: 11Outside Agent Units: 7Manager Units: 1Agreement Module: AccommodationAgreement Term: 25 yearsAgreement Term Remaining: 19 yearsPool: YesBBQ Area: YesWIFI: Yes

Marketing Agent

Calvin Bailey

Calvin Bailey Management Rights

Key Investment Insights

1. Excellent location close to the CBD and general facilities.
2. Secure gated community with two and three bedroom apartments.
3. Well-presented two bedroom, two bathroom Manager's Apartment.
4. Top agreements with almost 20 years remaining and a high salary of $66,000 excl. GST.
5. High demand rental property with a top occupancy rate, assured to continue with low vacancy rates in Cairns.
6. Consistent trading figures with no downturn during the Covid period.
7. Good relationship with the Body Corporate committee.
8. Pet-friendly with Body Corporate approval.
9. Easily run by one person for property management.
10. Manager's Unit valued at $255,000 with 2 bedrooms, 2 bathrooms, and 1 car space.
11. Permanent complex with 34 units, 15 of which are in the letting pool.
12. Agreement module is Accommodation with a term of 25 years and 19 years remaining.
13. Amenities include a pool, BBQ area, and WIFI.

Management Rights Multiplier: 4.44
ROI Estimate: 22.52%