Focus on this Opportunity

$850,000

Permanent management rights, Bungalow QLD

Established permanent letting complex comprising four blocks of twelve apartments on three levels. The property presents in good condition.
Well-located within 1km of the Cairns CBD, the city lagoon, the esplanade boardwalk - plus restaurants are at the end of the street. It is eight kilometres from Cairns Airport, walking distance to Cairns sporting arena (which is almost next door) and Cairns Central Shopping Centre is less than a kilometre away.
The Cairns Convention Centre and Cairn Regional Art Gallery are only 2 kilometres away.

The large 117m2 managers apartment is a modern 2 bedroom and 2 bath unit, with a good sized office/reception and foyer area on title.
Short term Holiday letting may also be possible with this property.
Long term body corporate agreements are in place, with a top salary of $98,226 exluding GST.
Cairns enjoys excellent occupancies, currently sitting at a less than 1% vacancy rate.
The property has easily kept grounds with full garden irrigation.
It is currently run with onsite caretakers.
Great starter property or possible add-on with great potential for growth.

More Information

Financial Overview

Total Purchase Price: $850,000
Net Income: $ 106,000 (actual)
_{This is the combined total income acheived by the business after expenses, before tax.}
Included Real Estate: $ 460,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}
Multiplier: 3.7
_{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.}

Letting Business

Letting Pool: 11
_{Number of units the manager is authorised to manage.}

Owner Occupiers: 22
_{Number of units resided in by their owners.}

Lock Ups: 1
_{Number of units owners are not renting out, but also do not live in.}

Outside Agents: 14
_{Number of units being rented by other agents (these could potentially be acquired by the manager).}

Units In Complex: 48
_{The total number of units within the complex.}

Caretaking

Remuneration: $ 98,226
_{This is the body corporate caretaker salary. It is included in the Net Income above.}

Agreement Term: 25 years
_{How long is the caretaking contract.}

Agreement Remaining: 17 years
_{How long remains on the caretaking contract before it must be renewed?}

Agreement Age: 18 years
_{How long has the management rights existed.}

Office Hours: No set hours
_{Required Office Hours}

Complex Features: Large swimming pool with spa, water feature and surrounding gardens, gazebo topped BBQ area, undercover parking, WiFi, Cable TV.

Real Estate Component

Manager's Unit: 2 2

Included Real Estate: $ 460,000
_{The value of on-title property included with the business. Its price is included in the Total Purchase Price.}

Manager's Car Spaces: 1

Office On Title: 1
_{Is there a manager's office included on the title?}

Pets: Yes
_{Can the manager own a pet on site?}

Unit Features: The large 117m2 managerâs apartment, is a modern, two-bedroom, two-bathroom, including ensuite plus study apartment, with a good-sized office/reception and foyer area on title.