This fantastic Management Rights opportunity is located in Tweed Heads Sth, close to local schools and shops and just 500 metres from the Tweed River. The complex has been managed by the current owners since its construction in 2007.
The complex has 24 units in total including the managers unit, 16 of which are in the letting pool. There are no outside agents, no set office hours, and no need for the manager to live on-site if they choose not to. The income consists of a caretakers salary of $37,044+gst pa and letting commissions of approx $30,000+gst pa giving the managers a total annual income of $66,316 (2019).
The Apartments currently enjoy close to 100% occupancy year round and have a constant waiting list of potential renters ready to go should a unit in the complex become available.
The managers responsibilities include the general caretaking of the common areas including the lawns and pool area. The total caretaking time required is around 1 hour each day. The letting side of the business is also fairly simple and mainly involves the collection of rent each month from the 16 tenants. The total time required for this component is around 6 hours per month.
The current managers own and occupy a spacious 2 bedroom, 2 bathroom residence on the ground floor. The residence is warm and inviting and has a North facing patio looking over the pool area. The residence also has a separate office which is on title and is currently used for the rent collection duties each month.
Sale Price Residence $385,000, Business $165,000
Total Sale Price $550,000
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