Miami, Queensland

Miami Gold

SOLD

Business Description

A quality business comprised of both holiday and permanent resident rentals.

Located within a one minute walk to Miami beach, this 3 storey walk up apartment complex surrounds a Pool, Spa and BBQ area set amongst beautiful low maintenance tropical gardens. All apartments have 2 bedrooms, 2 bathrooms, full kitchens, laundry facilities, lounge and dining area, Foxtel, Wi-fi, and secure car parking. Conveniently located near patrolled surf beach, parks & playgrounds, surf clubs, great shopping and quality restaurants.

Great potential to increase business profitability through acquisition of outside agent’s letting pool.

Business Summary

Business Snapshot

Price: SOLD Net Profit: $287,900 Remuneration / Body Corp Salary: $82,700Body corp salary review: CPI Annually

Managers Unit

Value of Managers Apartment: $450,000Bedrooms: 2Bathrooms: 2Car Spaces: 1Office: On TitlePets OK: Yes

Lovely 2 Bedroom apartment

Complex Information

Complex Type: MixedStar Rating: 3.5Total Units in Complex: 65Total Units in Letting Pool: 27Owner Occupy Units: 26Outside Agent Units: 12Manager Units: 1Agreement Module: AccommodationAgreement Term: 20 yearsAgreement Term Remaining: 17 yearsPool: YesSpa: YesPay TV: Yes

Other Features / Notes

Heated Pool, Spa, BBQ, Secure parking, CCTV, WiFi, Foxtel

Marketing Agent

Bobo Qi

Property Bridge

Key Investment Insights

1. Located in a highly desirable area, only a one minute walk to Miami beach.
2. The complex is well-maintained and features a pool, spa, and BBQ area surrounded by tropical gardens.
3. All apartments are fully equipped with 2 bedrooms, 2 bathrooms, and modern amenities such as Wi-Fi and Foxtel.
4. The business has a strong net profit of $287,900 and a remuneration/body corp salary of $82,700.
5. There is potential for increased profitability through acquiring the outside agent's letting pool.
6. The manager's unit is a lovely 2 bedroom apartment with an estimated value of $450,000.
7. The complex has a mix of holiday and permanent resident rentals, with a 3.5 star rating.
8. There are a total of 65 units in the complex, with 27 in the letting pool and 26 owner-occupied.
9. The agreement module is Accommodation, with a remaining term of 17 years.
10. The complex also features a heated pool, spa, BBQ area, secure parking, CCTV, and Foxtel.

Management Rights Multiplier: 4.86
ROI Estimate: 20.56%