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Apartment Block, Crystal Heights, Barbados., Suite 5 Clermont ( St. James, BB - bb0000) Under Construction

$580,000 USD
Rental potential

Sandcastle

Sandcastle Barbados Real Estate 12462662323 (Cell) Request More Info

  • Excellent development investment
  • Type: Residential
  • Style: 3 Story
  • Bedrooms: 12
  • Bathrooms: 9
  • Size: 6,000 sq. ft.
  • Development Level: Under Construction
  • Lot Type: Rectangular

Description

Crystal Heights apartment consists of two two bed units on the ground floor, two two bed units on the raised ground floor and one , four bedroom unit on the top floor.

The building is not fully finished, the middle and top floors have had most of the work completed and need finishing, one would say this is close to second fix.

The ground floor needs a full development, the rough work is complete but little else.

The building apartments on the ground floor or lower ground floor (visually) are accessed through the sides of the building and so do not impact on the building should a developer wish to build out the top two floors.

The middle floor and top floor are accessed through a central staircase leading to a main front door and in turn the internal corridor leads to individual units and the laundry and rear garden.

The area is ideal for rental investment, close to University of The West Indies as well as being in a belt of properties used by many local middle managers and young families due to its location close to all shopping, highways and of course the university. Lecturers at the nearby Queens College school are also always in need of decent rental properties close by.

The original plan for the building was for the owner to have a four bedroom penthouse and have four two bedroom units renting below at or around 1000 usd per month or just under.

The property could be developed under the condominium act to allow individual sales of units should that be needed/desired.

Rentals should gain 800-1000 usd per month long term or 100-200 usd per night short term for two bed units and double this for the four bedroom. More is achievable if one decides to go higher end in a neighbourhood that would allow this direction.

Should individual sales be sought the middle floor units should gain in the region and not less than 280,000usd, the same should be achievable for the ground floors and the top floor with four bedrooms and sea view should gain around 400,000usd.

Building costs to finish the project are estimated at 400,000usd

Builders are available as is construction management.

Attachments

Highlights

  • Excellent rental opportunity
  • rental and sale potential
  • 7% rental yield once finished
  • Close to university/shops/beaches
  • 30% yield return through developmental sales
  • Only third fix required on top floor, second fix on middle floor
  • Cul-de-sac
  • Excellent neighbourhood

Features

Interior Features

  • Cathedral Ceiling
  • Vaulted Ceiling

Exterior Finish

  • Concrete Block
  • Masonite

Roof

  • Other

View

  • Ocean View

Appliances

  • Washer/Dryer Hookup

Sewer/Water Systems

  • Public
  • Septic

Lot Features

  • Cul-de-sac
  • Front Porch
  • Landscaped
  • Lawn

Extra Features

  • Balcony
  • Lobby
  • Pets Allowed
  • Storage
  • Unfurnished
P2#144602811
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Information is deemed to be correct but not guaranteed.