Cupecoy Cote D Azure Marina Apartment Building For Sale
Property Reference No: 1145
Property type: Condos and Apartments
An apartment building, consisting of 4 waterfront condos, right on the lagoon with the possibility of building a boat slip. Phenomenal rental potential in the area due to the medical student population. Best investment opportunity at the moment.
– Lagoon front building with water rights for boat slip.
– Three 2 bedroom waterfront condos and one 1 bedroom condo. All ensuite bedrooms.
– 4 story block in Cote D Azur Marina with multi-level garden and 3 parking spaces
– Secure community of Cote D Azur, gated access and private parking
– No structural damage to the building but there is some refurbishment work required internally. Boat slip needs to be repaired.
The property is a rare opportunity to own an entire block of fixer-upper apartments with private pier in chic Cote D Azur Marina.
Cote Azur is a delightful village community set among a plethora of old palms and indigenous flowers right in front of calm lagoon waters. You get a sense of heaven when you are there.
The access is gated and only accessible with a security key. Inside you have well-manicured gardens and a well-kept tarmac road. Upon approaching the property you notice that there is a large open driveway which provides private parking for 3 to 4 cars.
As you walk down the stairs to the apartments you notice large green spaces. These are currently unused.
The impressive concrete building is white with a cobbled effect surface.
Ocean views from the top apartment are breath-taking. You need a moment to appreciate the beauty of this North-East facing view. With the eastern breeze, these apartments never feel hot to live in.
All bedrooms have bathrooms and the apartments are designed in a European architecture where you find the rooms to be cosy and adequate. The living spaces have an open plan concept with kitchen facing the stunning lagoon views.
Terraces on all apartments are a different size with the largest being in the centre apartment.
The roof is intact to the visible eye.
It seems the apartments were refurbished before the hurricane so the tiles appear new. All laundry appliances are in good condition. Most bathrooms are in good condition, however, there is structural damage to 2 bathrooms.
In the top floor apartment, the kitchen and terrace doors will have to be replaced. Electrical fittings need to be checked. Appliances are usable.
In the middle apartment, the kitchen can be used after a thorough clean. Terrace doors may need to be replaced.
In the ground floor apartment, the kitchen can be used after a thorough clean. Terrace doors need to be replaced. Bathroom ceiling needs repair. The internal door has been walled off to create a separate studio. Can be made into a 2 bedroom again.
Below ground level, the 1 bedroom apartment is intact and can be used immediately.
If sold individually, a well presented 2 bedroom condo lagoon front would sell for approximately $350,000. Comparable ocean view studio in Jordan Village is selling for $160,000.
Once refurbished for an estimated cost of $75,000 (for the whole building), the units will be valued at $350,000 each.
3x two-bedroom condos: $1,050,000
1x one-bedroom condo: $185,000
The total market value of the estate after refurbishment: $1,235,000
Long term: Due to the student and ex-pat population in CoteDAzur long term rental opportunities are very good.
2 bedroom condo will rent for $2000-$2200 on the lagoon.
1 bedroom condo will rent for $1200-$1400 on the lagoon.
Possible gross annual rental income: $86400
Short term rental opportunities are 30%-40% more profitable than long-term and due to waterfront location, expect higher than normal occupancy rate. Approximate short-term annual rental income: $120,000+