Completely renovated building 50 meters from the beach
For Sale / EUR 2.150.000
An opportunity has arisen to purchase a whole building right next to the sea, approximately 100m which is approximately 1 minute walk.
The area is about 10 minutes drive from the city centre and 1 min drive to the motorway which branches West to the City centre, East to Nicosia and Larnaca and North towards rural Limassol with its beautiful countryside.
The area is very developed with all amenities nearby such shops, supermarkets, seafront restaurants and bars, cinemas, watersports facilities, nautical clubs, ancient sites and many other interesting places. For example the Cyprus medieval lifestyle experience is only 2-3 minutes drive. Another 2-3 minutes drive takes you to St. Raphael marina.
The area has seen tremendous property development due to its prestigious location and flats can sell for €6000 - 8000 per m2.
The investment property on offer has been completely renovated outside and inside. All common areas are clean and tidy because all the building belongs to one owner and manages the building.
All flats have been upgraded with new double glazing windows, new bathrooms, kitchens and floors. They were like new when the building was renovated in 2009.
All flats have fairly new furniture and are all rented. The yearly rent is €62,000 per year with scope to increase it by 40%. One bedroom flats in the area rent for €650 to 700 . Currently the one bedroom furnished flats rent for €400. If in the worst case scenario they rent for €560, then there is huge scope to increase rental income by at least 40%. Two bedroom flats currently rent for €480 and the current market value is minimum €850.
There are 4 floors in the building with 3 flats on each floor, with a total 12 flats.
There are 2 one bedroom flats and 1 two bedroom flat on each floor as seen from the floor plans. All floors are the same.
One very desirable feature of this investment is that each flat has a separate title deed.