Luxury Permanent - Rare Find
$2,200,000
Permanent management rights, Smithfield QLD
Luxury-styled large permanent.
Exciting & contemporary Cairns gated community in Smithfield.
Permanent let property with a total of 111 apartments & villas.
The property was completed and opened in 2006.
A high percentage of rental units are furnished.
Units are top quality with extensive facilities and on a large well positioned site in the sought after Northern Beaches of Cairns.
Only 15 minutes to the Cairns CBD.
Great managers three bedroom/two bathroom villa with quality fittings, plus large office.
No set office hours.
Good $170k incl. salary with CPI increases.
Excellent opportunity to get into the industry in a top building with a well-established business.
Mix of 6 month and 12 month leases.
No requirement for Manager to reside onsite.
Cairns currently has one of the lowest vacancy rates in the country at less than 1% and rental rates are on the rise.
Little impact by Covid has been noticeable with this property.
Contact Alex today for further details and property inspection.
More Information
- Total Purchase Price: $2,200,000
- Net Income: $ 358,000
(actual)
This is the combined total income acheived by the business after expenses, before tax. - Included Real Estate: $ 495,000
The value of on-title property included with the business. Its price is included in the Total Purchase Price. - Multiplier: 4.8
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?