INNER CITY PERMANENT - PRICED TO SELL NOW - PROVIDING AN 18.2% ROI
$2,639,000
Permanent management rights, Brisbane City QLD
PERMANENT LETTING ONLY
SELLER IS ON THE MARKET & READY TO MOVE!
WITH 27 OUTSIDE AGENTS - THERE'S NOTHING BUT UPSIDE HERE!
ADDITIONALLY, THERE'S GOING TO BE BRAND NEW AGREEMENTS.
PLUS, A REAL OPPORTUNITY TO INCREASE YOUR INCOME VIA R&M!!!
This is a walk to city position right on the western-edge of the Brisbane CBD making it prime rental property! This is reflected in there being only 10 Owner Occupiers!
A business with the real ability for growth, on-top of the current accountant verified $326,511 net operating profit for the year ending February 2024.
The figures have been verified by Paul Shannon at Crest Accounting, a leading Industry firm.
The letting business has a total of 54 under management, with one of these being an external management generating some $2,186 in the period of review. This income has been treated at a 2.5 multiplier on the gross to reflect its 'rent-roll' status.
The apartment is large and is a very live-able space for a couple or a family with the three bedrooms and the large patio area. The three basement car spaces are also a great bonus.
In addition, and on title, are the managers office and the purpose built 14 storage mini-rooms which generated some $7,456 in the last 12 months. The calculations we will share suggest that the store rooms income is lower than where they could be, so yet another area of additional income.
The complex includes some dual key units as part of the broader letting pool, thus allowing you to increase your annual let fee income in the normal course of your business.
The meet the market multiplier is at only 5.5 times!! For a a north of $300K net business, this is very well priced!
This business could be readily operated by a two person team.
An excellent business and complex for a first time and or an experienced operator!
Call Greg Jorgensen Today to discuss, receive the documentation package and to arrange a one-on-one inspection.
More Information
- Total Purchase Price: $2,639,000
- Net Income: $ 326,511
(actual)
This is the combined total income acheived by the business after expenses, before tax. - Included Real Estate: $ 850,000
The value of on-title property included with the business. Its price is included in the Total Purchase Price. - Multiplier: undisclosed
Estimated number of years till the Net Income reaches the Purchase Price of the business component. Other factors such as lifestyle, workload, location and offering should always be considered ahead of the multiplier when evaluating a Management Rights business.
Number of units the manager is authorised to manage.
Number of units resided in by their owners.
Number of units owners are not renting out, but also do not live in.
Number of units being rented by other agents (these could potentially be acquired by the manager).
The total number of units within the complex.
This is the body corporate caretaker salary. It is included in the Net Income above.
How long is the caretaking contract.
How long remains on the caretaking contract before it must be renewed?
How long has the management rights existed.
Required Office Hours
The value of on-title property included with the business. Its price is included in the Total Purchase Price.
Is there a manager's office included on the title?
Can the manager own a pet on site?