Kings Bay Apartments

General description

Business 1 – Kings Bay Apartments – Kings Beach – Purchase standalone $380,000

• 3 level walkup ground level is undercover parking
• 22 Apartments in the complex.
• 10 Units in the holiday Pool (NB: 3 Holiday Units added since June figures were prepared)
• Occupation Authority over Office plus 4 stairwell storage areas and a tool shed.
• No fixed office hours.

No apartment to be purchased, manager can live off site.

Contracts current until November 2039
• Management and Letting Agreements 25 years: expires 9 November 2024.
• Further 5 year options are available Nov 2024 to 2029, Nov 2029 – 2034, Nov 2034 – 2039
• Body Corporate Salary: $43,480.00 PA excluding GST
• Net Profit to 30 June 2022 is $88,933.17

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Single Operator generates Net Profit of $177,247.40 for looking after 2 Kings Beach business within 2 KM of each other.
No Real Estate to Purchase. Occupation Authority included for one Office.

Current Owners operates from long term rented 3 bedroom 2 bathroom accommodation located within 1 km of both businesses. This Rental Agreement can be transferred to purchaser if both businesses are purchased. Currently $400pw until July 2023. Toyota Work mate Ute can be included if required.

Live locally and enjoy everything Kings Beach and Caloundra has to offer. Great Beaches, restaurants, cafe’s, shopping centers, walking tracks and sporting facilities.

EACH BUSINESS CAN BE PURCHASED INDIVIDUALLY OR SAVE AND BUY BOTH TOGETHER

• Business 1 – Kings Bay Apartments – Kings Beach – Purchase standalone $380,000
Agreements to 2039, Occupation Authority over office, no set office hours, 22 Units with 10 Holiday lettings, BC Salary $43,480, Net Profit to 30 June 2022 is $88,933.17 (NB: 2 Holiday Units added since June figures were prepared)

• Business 2 – Sea Point Ocean Apartments – Kings Beach – Purchase Standalone $369,000
Agreements to 2029, No office, no office hours, 24 units, 7 Holiday lettings, BC Salary $46,633, Net Profit to 30 June 2022 is $88,414.23

Buy both and SAVE – I.e. Total Purchase Price $600,000 at a Multiplier of approx. 3.38 times net income.

BONUS – WALK IN WALK OUT – TOYOTA WORK MATE INCLUDED and option to RENT 3 BEDROOM UNIT

Other options:
• Buy Business 1 and rentals from Business 2
• Buy Business 2 Caretaking Only

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For More detailed information please contact the listing agent.