Cairns City, Queensland

Great Cairns CBD Permanent

$1,110,000

Business Description

This charming permanent property is within a short stroll of all the best Cairns has to offer. Thirty six two bedroom apartments with expansive views to the glorious mountain ranges. Good schedule of fittings and fixtures. The 3 bedroom 2 bathroom manager’s apartment is no exception. Low maintenance landscaped grounds; great pool area, good salary and excellent opportunity for capital gain make this a very desirable property. Residents have to enjoy - a resort style pool, barbecue and entertaining area, basement parking, and also secure access.

This is a high rental demand property with a waiting list.
Cairns currently has a less than 1% vacancy rate, one of the lowest in the country.

Manager has no set office hours and no obligation to live onsite.

Call Alex for all further information or to arrange a property inspection.

Business Summary

Business Snapshot

Price: $1,110,000 Net Profit: $131,000 Remuneration / Body Corp Salary: $80,500Body corp salary review: CPI Annually

Managers Unit

Value of Managers Apartment: $650,000Bedrooms: 3Bathrooms: 2Car Spaces: 1Pets OK: Yes

Manager has a 129m2 three bedroom, two bathroom apartment with large balcony. This is currently let via Airbnb with a gross of $80k per annum (not included in figures/net).

Complex Information

Complex Type: n/aTotal Units in Complex: 36Total Units in Letting Pool: 24Owner Occupy Units: 9Outside Agent Units: 2Manager Units: 1Agreement Module: AccommodationAgreement Term: 25 yearsAgreement Term Remaining: 22 yearsPool: YesBBQ Area: YesWIFI: Yes

Marketing Agent

Alex Barker-Ré

Calvin Bailey Management Rights

Key Investment Insights

1. The property is a permanent apartment complex located in the heart of Cairns CBD.
2. The complex consists of 36 two-bedroom apartments with stunning views of the mountain ranges.
3. The manager's apartment is a spacious 3 bedroom, 2 bathroom unit with high-quality fittings and fixtures.
4. The property features low maintenance landscaped grounds, a resort-style pool, barbecue and entertaining area, and secure basement parking.
5. The current vacancy rate in Cairns is less than 1%, indicating a high demand for rental properties.
6. The manager has no set office hours and is not required to live on-site.
7. The asking price for the property is $1,110,000, with a net profit of $131,000 and a remuneration/body corp salary of $80,500.
8. The manager's apartment is valued at $650,000 and is currently being let via Airbnb for an additional income of $80,000 per year.
9. The complex has a total of 36 units, with 24 in the letting pool, 9 owner-occupied, and 2 managed by outside agents.
10. The agreement module is Accommodation, with a remaining term of 22 years out of 25 years.
11. The complex features amenities such as a pool, BBQ area, and WIFI.

Management Rights Multiplier: 3.51
ROI Estimate: 28.48%