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Auction Date: 01/08/2019     Start: 12:00     Residential Property

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Rosettenville , Johannesburg - Block of Flats

Rosettenville , Johannesburg - Block of Flats Rosettenville , Johannesburg - Block of Flats Rosettenville , Johannesburg - Block of Flats Rosettenville , Johannesburg - Block of Flats Rosettenville , Johannesburg - Block of Flats Rosettenville , Johannesburg - Block of Flats Rosettenville , Johannesburg - Block of Flats Rosettenville , Johannesburg - Block of Flats Rosettenville , Johannesburg - Block of Flats Rosettenville , Johannesburg - Block of Flats Rosettenville , Johannesburg - Block of Flats Rosettenville , Johannesburg - Block of Flats

Rosettenville , Johannesburg - Block of Flats

2 Storey block of flats originally built for Army Generals back in the day
A total of 10 big sized Flats (5 X 2 Bedrooms Flats and 5 x 1 Bedroom Flats).
Gross Annual Income = R553,200                     Gross Monthly Rent = R46,100
Gross Annual Expenses = R90,204                     Gross Monthly Expenses = R7,517
Net Annual Income = R462,996                         Net Monthly Income = R38,583
5 x 2 Bedrooms Flats: - Flats Numbers 1, 5, 6, 8 and 10 each have 2 Bedrooms, Lounge, Dining Room, Bathroom, Kitchen, Pantry and an enclosed balcony. There is a relatively new geyser in every flat. Monthly rent per flat = R5,200
5 x 2 Bedrooms Flats: - Flats Numbers 2, 3, 4, 7 and 9 each have 1 Bedroom, Lounge, Dining Room, Bathroom, Kitchen, Pantry and an enclosed balcony. There is a relatively new geyser in every flat. Monthly rent per flat = R3,700
There are 9 Carport Parking Bays plus 1 Open Parking Bay. The carport area has recently been tarred. Monthly rent per bay = R200. This is the only building, in that vicinity, with a covered carport.
There are 2 storerooms
Monthly Rates and Taxes = R1 751 and cleaning expenses = R400
Management Fee at 6% of Gross Monthly Collections
Monthly Insurance = R1,300 – The building is insured for R9 million
Total Monthly Wages = R1,200 – A Caretaker comes once a week to clean the premises and bins
This is the only building, in that vicinity, with Prepaid Electricity Meters linked directly from City Power – the benefit is that there is no middleman and, thus, saves money on electricity charges. No other building has this kind of arrangement in this node. The DB Board has provision for 15 prepaid meters (meaning that currently there are 5 extra).
There are new plumbing pipes. All pipes are outside and above ground (as opposed inside walls and underground) – meaning that leaks are easily identified and attended to.
Piping for Water Prepaid Meters is already in place pending legalization for installation of Prepaid Water Meters.
This is the only building in that vicinity with a Fire Water Pipe into the building and a Fire Hose Pipe. The Fire Horse is serviced every year.  In comparison, the surrounding buildings use Fire Extinguishers.
The building has a gas connection and gas piping in place.
There is a Telkom Intercom Box inside the building for DSL line (internet) connection.
The boundary wall, including the security barbed wire, belongs to the property.
The building is well taken care of, well maintained and in very good condition.

PROPERTY ADDRESS:
168, High Street, Rosettenville , Johannesburg, Gauteng

Auctioneer Details

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AuctionInc.
Masingita House, 41, West Street, Houghton, JHB, Gauteng
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