Large 4 bedroom apartment with potential for 10.1 gross rental yield

for sale in Limassol, Potamos Germasogias

Publish: 22 May 24, views: 57

Price:  €250.000

Covered area (sqm)110 sqm
Energy EfficiencyE
Listing ID:VL37366
Price €250.000
Information from owner
The advantages Potential for 10.1 Rental Yield because of the severe shortage for worker s accommodation in Limassol. Only 350m from the beach 6 minutes walk to the beach seafront. In the heart of Limassol s tourist area. All amenities are walking distance including shops trendy cafes restaurants fast food franchises like KFC MacDonalds Starbucks hotels gym e.t.c. On the bus route no.30 which connects the seafront from MyMall all the way to Parklane Resort hotel. There are several furniture in the flat and a fully equipped kitchen to share between 4 bedrooms most of which have their own veranda. There is 1 main bathroom to share but the master bedroom has its own bathroom with a full bathtub. The apartment has a solar panel for hot water. The disadvantages The building does not have a good administration committee and the elevator is broken and not working. The apartment is on the 4th and last floor. The condition of the building is not good and until the new law about communal buildings comes into effect sometime this year the building will not be repaired. after the law is passed all owners will be forced to pay up to fix the problems of the building or they run the risk of penalties or even losing their property. Therefore this apartment is NOT for the faint hearted. It is only for the savvy investor who understands the potential and the future of this property. The Investment Potential In the meantime due to severe shortages in accommodation in Limassol this property can very easily rented as worker s accommodation. for example 4 co workers working in the hospitality industry can rent a room for the very low price of 530 each on average totaling 2 120 per month. Assuming a total purchase price of 250 000 the gross rental yield is 10.1 .