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LIVE OFF-SITE - SECURE A HEALTHY SALARY
$1,690,000
Permanent Management Rights, VARSITY LAKES QLD
On offer is a profitable package of four residential Gold Coast Management Rights businesses, all tightly located within the sort-after suburb of Varsity Lakes.
These townhouse communities are all within a short stroll from each other and very well positioned within Varsity Lakes. Walk to Market Square, Bond University and Varsity Lakes College, a well-known and respected public primary and high school. Never have an issue leasing these townhouses as this location is hot property!
As a part of this package there is only one property to purchase. This being the manager's 3-bedroom townhouse, featuring 2.5 bathrooms, 2 car spaces and separate office all on one title.
Choose either to live on or live off-site. Presently, the manager's residence is rented at $41,000 p.a.
Current total Body Corporate salary exceeds $148,000 p.a. plus GST, with all four schemes having long terms remaining on management agreements of between 23 and 24 years. A total net income of $200,000 p.a. is securely anchored by the stable Body Corporate salaries which represent over 70% of business profit.
Furthermore, with a total of 21 lots in the current letting pool, there is a considerable potential profit upside in that a further 19 onsite townhouses are presently rented by external real estate agents. This presents an opportunity to almost double your property management income!
Working arrangements are flexible as there are no set office hours. Well established operating procedures are in place to allow for a smooth handover to the incoming manager.
Please contact me for further details.
More Information
- Total Purchase Price: $1,690,000
- Net Income: $ 200,255
(actual)
This is the combined total income acheived by the business after expenses, before tax. - Included Real Estate: $ 820,000
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?