140 Baringa Street, Morningside, Queensland

Down Town Morningside

Under Contract / Offer

Business Description

Owner has committed elsewhere
The current caretaker has been in position for just 8.5 years and enjoys a very positive relationship with the Body
Corporate, the Committee and Owners alike. Rental demand is always high for the complex and vacancies are easily
filled when they arise as the owners maintain their properties to a high standard. There is 22 years to run on the 25
year agreement, with this being topped up a the AGM in 2020. There are currently both gardening and pool
maintenance contractors in place.
You can continue with these service providers or take over and complete these duties yourself. Current caretaker
salary is $77,615
This complex requires the caretaker to reside in the assigned lot and be on site during the hours stated of ,8am to
5pm Monday to Friday and 8am to 1130am Saturday. The current caretaker uses Property Me Software and all
tenants pay by direct deposit. Office related duties take approx. 2 hours per week
If you would prefer to buy as a caretaking only arrangement, the vendor is happy to reduce the Management Rights price by $66,000. This also
means you will not require a letting license.
Income $105,000
Unit $750,000 - reduced to sell
Business $249,000 - this is a multiplier of 2.4 well below market value
Total $999,000
Please make an offer. No reasonable offer will be refused. Currently there is office hours but the committee is very flexible and will work with the new caretaker to allow flexibility once the trust is built. A very easy complex to operate!
Please contact Robert Collins Exclusive Agent on ---------- or ----------

Business Summary

Business Snapshot

Price: Under Contract / Offer Net Profit: $105,000 Remuneration / Body Corp Salary: $77,615

Managers Unit

Value of Managers Apartment: $750,000Bedrooms: 3Bathrooms: 3Car Spaces: 4

Complex Information

Complex Type: PermanentTotal Units in Complex: 40Total Units in Letting Pool: 11Holiday Units: 11Owner Occupy Units: 25Outside Agent Units: 3Lockup Units: 1Agreement Term: 25 yearsAgreement Term Remaining: 22 years
Marketing Agent
Robert Collins
Robert Collins

RAAS Property Group

RAAS Property Group

Key Investment Insights

Key Insights:
1. The current caretaker has been in position for 8.5 years and has a positive relationship with the Body Corporate, Committee, and Owners.
2. Rental demand for the complex is high and vacancies are easily filled due to the high standard of property maintenance.
3. There are 22 years remaining on the 25 year agreement.
4. There are currently gardening and pool maintenance contractors in place, but the new owner can choose to take over these duties.
5. The current caretaker salary is $77,615.
6. The complex requires the caretaker to reside on site and be available during specific hours.
7. The complex uses Property Me Software and tenants pay by direct deposit.
8. The vendor is willing to reduce the Management Rights price by $66,000 for a caretaking only arrangement.
9. The total income for the business is $105,000.
10. The total value of the Managers Apartment is $750,000.
11. The complex is a permanent type with 40 units in total.
12. There are 11 units in the letting pool, 11 holiday units, 25 owner-occupied units, and 3 outside agent units.
13. There is 1 lockup unit in the complex.
14. The agreement term is 25 years with 22 years remaining.
15. The committee is flexible and willing to work with the new caretaker to allow for flexibility once trust is built.
16. The complex is described as easy to operate.

Management Rights Multiplier: 2.37
ROI Estimate: 42.17%

Listing location
Gallery

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