ELITE Property presents the opportunity to acquire an apartment building in Discovery Gardens currently being operated for medium term rentals ranging form one month upwards.
Elite Property is pleased to present the opportunity to acquire an apartment building in the Discovery Gardens submarket in Dubai.
The property consists of the following components:
23 Studio Apartments
44 One Bed Apartments
The property is leased up, exhibiting a 97% occupancy rate based on total GLA (gross leasable area).
The property is highly transit oriented with proximity to several bus stops and the Dubai Metro.
This is an opportunity to acquire a stabilized, cash flowing asset with strong yields.
The owner is seeking to dispose of the property. Buyers will acquire the property as is.
ASSET AREA SCHEDULE
The property comprises of studio and 1-bed apartments with a G+4 configuration.
Unit Breakdown Size Range
* 23 Studio Apartments ------479 SF 513 SF
* 43 1-Bed Apartments ------ 921 SF 1,009 SF
Plot Area:15,161 SF
Gross Leasable Area (GLA):52,850 SF
Built Up Area (BUA):52,850 SF
The propertys current rent roll totals an annualized gross rent of AED 4,020,456.
At a sale price of AED 36 Million1, the property provides a capitalization rate of 8.00%.
Key Financial Highlights
Current GrossAnnual Rent:AED 4.02 Million
Current Annual Operating Expenses:AED 1.14 Million
Net Operating Income:AED 2.88 Million
Sale Price:AED 36 Million
Purchase price does not include closing costs and simply denotes the price paid to the seller for the property.
Current gross annual rent is calculated as current monthly rent roll annualized.
Reference Number: EPS-S-2204