Currently, the apartment block is part of a resort (Garden of Paradise/Quinta do Paraíso) of 60 units with swimming pool and mature gardens. The apartments were built in 1992 and now need improvements. The size of the units is very generous and offers a lot of potential for the rental market. They have been successfully rented in the last 27 years through the well-known Quinta do Paraíso. The apartment block will be fully renovated and renovated with the latest standards. All the electric plumbing, kitchen, floor, Windows will be changed. The new Air-Con system will be installed for heating and cooling. All units will be newly furnished and fully equipped, ready to live. The idea is to upgrade the T1 units to a T1 + 1, which will offer in addition to a master bedroom a second room for up to two children (or one adult) (formerly Kitchen). A new small kitchen will be moved to the large living room (open kitchen design). There will be two bathrooms in the new layout changed. The price, including the full renovation, will be 185 million. per unit, i.e. 1,850,000. For the batch of 10 units.
The exploration will be done by Carvoeiro Clube (mandatory) and the following guaranteed remuneration will be provided:
Year 1:4% on the purchase price of 1,850,000 euros. (€74,000.-)
Year 2:4.5% on the purchase price of 1,850,000 euros. (€ 83 ' 250.-)
Year 3 and following: 5% on the purchase price of 1,850,000 euros. (92 ' 500.-)
All operating costs such as condominium, cleaning, electricity, water, etc. will be supported by Carvoeiro Clube Lda. The only cost that should be paid by the investor is IMI (land tax), IRS (income tax) and wear.
This is an attractive investment in a well established family resort, with an experienced management company (established in 1982), which will ensure success.
Energy Rating: B
#ref: CS-BLAPP-80040