Resort Holiday Complex - Kalua
Residence (3Bed 2Bath 1Car) $440,000
Total Investment $842,000
Kalua Holiday Apartments has been a Maroochydore favourite for many years given its location directly opposite the Ocean with both Maroochydore and Alexandra Headland Surf Clubs only a short stroll away.
Having been owned by the current Managers since 2012. The time has come for them to fully retire.
The past few years has seen them oversee the Body Corporate's upgrade of the Kalua Holiday Apartments complex, leaving it in great condition ready for the new managers to focus on growing their rental business. The Managers apartment has also undergone renovations over the past few years and is now modern, clean tidy and very functional, ready for the incoming managers to take up residence. Truly a home you can be proud of!
Vendors are serious about meeting the market
- Profit and Loss figures prepared as at 28th February 2019.
- Additional Income NOT INCLUDED in Net Profit
- Apartment Sales - Average of $9670.50 earned as Local Agent Contractor over the past 2 years (Note - Full Real Estate Agents Licence Required to earn this additional income)
In 2014 the vendors purchased an additional apartment which has in recent years been included in the Holiday Letting income. This Apartment number 22 is in the process of being sold by the owners so an opportunity exists for the incoming owners to act quickly and also secure that apartment. The Owners are also the Real Estate Agent and will only sell to an investor to ensure the regular winter guests arriving for two plus months in June have their favourite winter hideaway.
Letting Pool: 10
- Total Purchase Price: $842,000
- Net Income: $ 100,519 (actual)
This is the combined total income acheived by the business after expenses, before tax.
- Included Real Estate: $ 440,000
The value of on-title property included with the business. Its price is included in the Total Purchase Price.
- Multiplier: 4.0
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.Owner Occupiers: 14
Number of units resided in by their owners.Lock Ups: 0
Number of units owners are not renting out, but also do not live in.Outside Agents: 7
Number of units being rented by other agents (these could potentially be acquired by the manager).Units In Complex: 31
The total number of units within the complex.Remuneration: $ 53,585
This is the body corporate caretaker salary. It is included in the Net Income above.Agreement Term: 25 years
How long is the caretaking contract.Agreement Remaining: 21 years
How long remains on the caretaking contract before it must be renewed?Agreement Age: 37 years
How long has the management rights existed.Office Hours: yes
Required Office HoursComplex Features: 31 Apartment Holiday Resort - 1, 2 and 3 bedrooms located over 4 levels - Access via lift and or stairs - Basement Carpark with allocated parking and additional storage - Resort facilities of Pool, Spa, BBQ and Half Court Tennis Court on ground level - Table Tennis table and additional BBQ located on top floor common area complete with Ocean ViewsManager's Unit: 3 2Included Real Estate: $ 440,000
The value of on-title property included with the business. Its price is included in the Total Purchase Price.Manager's Car Spaces: 1Office On Title: 1
Is there a manager's office included on the title?Pets: No
Can the manager own a pet on site?Unit Features: Air Conditioned Living Areas - Master Bedroom includes ensuite - 2nd Bedroom with Queen Bed - 3rd Bedroom has been opened to allow access to back courtyard, now used as Study - Security Screens for added security - 2nd Bathroom with laundry - Kitchen has undergone a modern upgrade - Reception is located adjacent to the apartment
Chris Hinkly for more details
0411 023 672