4-bedroom apartment fоr sаle
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%.
Completion Date:1994
Covered Internal Area:110 m2
Balconies:10 m2
Bedrooms:4
Bathrooms:2
Energy Rating:E
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Technical inspection:SQUARE ARCHITECTSp.panayi@cytanet.com.cy+357 99 592 218
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Legal inspection:CTA LAW FIRM C.T. Antoniou & Co LLCinfo@ctalaw.net+ 357 22 516 838
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Technical inspection:HOME CHECKandreas.chrysos@hotmail.com+357 96 504 296
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Legal inspection:M.PARASCHOU LAW Advocates & Legal Consultantsinfo@paraschou.com.cy+357 22 622 262
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Technical inspection:HOMESURVinfo@homessurv.com+357 22 377 004
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