Location Quiapo, Manila City Offering One specific individual property unit Property Type Apartment Transaction For Sale Asking Price P 24,000,000 Floor Area 3,000 m² Terms Negotiable
Price/Floor Area P 8,000/m²
40 Unit Residential/Commercial Building (P19M-Neg) “Renovator’s Delight”
Manila U-Belt 5 storey fully-concrete, unfinished building with 961 square meter Lot Area and floor area of about 3000sqm, strategically located in close proximity with 8 colleges and universities around the University Belt namely San Beda College-Mendiola, San Sebastian College, University of the East, Centro Escolar University, La Consolacion College, College of the Holy Spirit, Technological University of the Philippines and National Teacher’s College.
Built in 1996, the building is estimated to be 70% completed and is currently operating under 75% of its capacity, in which 30 rooms are operational out of the total 40 units. Unit sizes ranges from 30sqm – 65sqm. There are 10 units on each floor from the ground floor to the 4th floor, 5 units on the ground are commercial spaces, while the 4th & 5th floor is still unfinished. All of the 30 operational units from the ground floor to the 3rd floor are rented and still generates a rental revenue of P150,000.00/month based on its below market rental rates. Only half of the total lot area are being occupied by the structure while half of it is being allotted for parking (about 20 vehicles capacity) or future development.
This mismanaged building needs substantial amount of renovation/repairs and restoration. Even at its present condition, the building still generates an impressive 9% Gross Annual Return and a far more impressive return if restored and managed properly. Expected Monthly Income from this property upon completion or at full-operation is estimated at P280,000.00 – P320,000.00 per month or more, which translates to about 12% - 15% Gross Annual Returns and about 10% - 12% Net Annual Return or Capitalization rate even after considering the restoration cost.
Direct Buyers Only
For Serious Inquiries Only (we may not disclose of the property’s exact address/location over the phone or email)
Look for Joel Tel#(02)741-5457 Cell#0915-5385340 Email Add: email@example.com
Neighborhood Area Urban mixed-use
Year Built1996 Status Currently Occupied by Tenant Encumberance This property may be encumbered or part of ongoing legal proceedings. Building Structure
Height 5 floors Construction Concrete Strength Reinforced concrete columns and beams
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