Tenanted, Portfolio
6 Flats @ Castle Street, Aberdeen, AB11 5BQ
£530,000 GDV
Fully let block of 6 flats, had all been renovated less than 2 years prior.
Purchased in 2020. Acquisition funded by a private lender & a specialist lender.
RICS Valuation: £530,000
Purchase Price:…
Description
Fully let block of 6 flats, had all been renovated less than 2 years prior.
Purchased in 2020. Acquisition funded by a private lender & a specialist lender.
RICS Valuation: £530,000
Purchase Price: £405,000
Actual Rent at purchase: £2,375pcm
Market Rent at purchase: £2,700pcm
UPDATE 2 YEARS POST PURCHASE (March 2022)
4 of 6 flats still on original tenants. Other 2 re-let at market rate bringing rental income up to £2,540pcm.
UPDATE 3 YEARS POST PURCHASE (March 2023)
2 of 6 flats still on original tenants, both have had small rent increases. Significant increases in market rents in Aberdeen has resulted in block now achieving £2,975pcm (£600pcm higher than when the block was purchased 3 years prior). Still scope for further increases, particularly with the 2 flats on original tenants.