5 Bedroom House For Sale in Richmond Hill, Port Elizabeth

Property description

This property is an attractive investment opportunity in real estate. Here are some key features and considerations:
Property Description:The property consists of 5 large bedrooms with built-in cupboards, 2 bathrooms, an open plan lounge/kitchen area, and a veranda overlooking the port of Gqebera. It also includes a water tank with a purification system, connected to the main water supply. Additionally, there are ample washing lines.
Furnishings and Appliances:All furniture and appliances, such as beds, fridge, washing machine, Wi-Fi router, TV, microwave oven, lounge suite, and chairs, are included in the price. This can be attractive to potential tenants as they won't need to invest in these items themselves.
Rental Income and Expenses:The property is currently rented out to tenants, generating a monthly income of R14,250. The expenses are approximately (Rates - R1200, Water & Electricity R2200, R800 wi-fi,& security) R4,200 per month in total.
Zoning and Potential Occupancy:The property is zoned as Res 3b, which means it is suitable for multiple occupants. The individual rooms can be rented out, with prices ranging from R2,500 to R3,000 per room. The two double rooms have the potential to accommodate two students each, which could significantly increase the rental income.
Additional Features:The property has a cellar room used for storage, pre-paid water and electricity meters, a panic button linked to a security company, and a high level of security, unlimited wi-fi. However, it's worth noting that there is no secure parking available.
Location:The property's proximity to Albany Road and Govan Mbeki Road makes it convenient for tenants working in that area. This can be advantageous for attracting tenants and maintaining a high occupancy rate.  It is only 5 min walk to Pier 14 or Municipality main buildings.