Below Market Value building very close to the city center and only 5 minutes walk to the beach
Sold / EUR 1.350.000
- 4 one bedroom
- 8 two bedroom
- 1 3 bedroom Penthouse
Walking distance to a sandy beach (5 Minutes)
Walking distance to the Courts and Makarios and Griva Digeni Avenues, essentially very close to the heart of the city centre and the Old Town
Plot size: 491 m2
Built covered area: 1,165 m2
Covered parking is additional on the ground floor – 1 parking for each flat.
Sold with all furniture, fittings and equipment and all flats rented.
Annual POTENTIAL rental income is estimated at €85,000. The flats are currently rented at 2010 crisis levels and the rental income is €46,000. This is a Gross Yield of 6.2%.
Short term let potential.
If the investor wishes to rent the flats on a short term basis, then the annual income increases exponentially. The estimate is €220,000 based only on a full capacity for all flats but only 200 days per year occupancy. The Management and administration fees are approximately €40,000 per annum so the Net rental income would be €180,000. The Gross yield from short lets jumps to 13.3% which is very high for real estate in Cyprus and specifically the premium City of Limassol.
Boutique hotel Proposal Option.
The current covered areas can produce 30 rooms.
4 rooms of 40.19 m2
26 rooms of 30 m2
The area is ideal for a Hotel as is minutes away from the beach, it has easy access to all amenities including local shops, bus stations and both tourist area and town centre.