BLOCK OF 6 ONE BED APARTMENTS CHLORAKA, PAPHOS
Reference No.: PACHL-ARES-6036
- Category: Apartments
- Type: 1 bedroom
- Location: Chloraka
- Completion Date: 2004
- Bedrooms: 1
- Status: Sold
- Condition: Resale
FANTASTIC INVESTMENT OPPORTUNITY IN CHLORAKA - PAPHOS
A block of 6 one bedroom apartments in Chloraka is for sale. The ultimate investment opportunity especially with a shortage of rental properties in the market, at the current moment, this is the ideal beginning.
The block of apartments has two floors with three apartments per floor. Each apartment is spacious and includes an open plan dining, living and kitchen area, a double bedroom and a family bathroom.
There is ample parking for each tenant and the property is located close to amenities.
Title Deeds are available and the properties are sold fully furnished with fittings and fixtures included.
Chloraka offers traditional and modern aspects of Cyprus living. Convenient to Paphos & Coral Bay. Chlorakas has a number of restaurants and bars to entertain the family if you do not wish to go into central Paphos or Kato Paphos, which offer the full array of entertainment and restaurants to suit all. Good supermarket & shops in Chlorakas cover all your requirements. Easy ½ hour drive from the Airport. Water sports, Water Park, beaches, historical sites all within access and recommended.
Distance from the sea about 3 km
Below are a few details of the plot and the apartments:
• Plot size: 542m²
• Covered area of each apt: 45m²
• Covered verandas: 10m²
• Building density: 90%
Please note that an extra 138m² of building can be constructed on the plot as only 350m² was built and the maximum allowed is about 488m²
(ie 542m² plot size X 90% building density = 488m²)
• CASE STUDY 1 – This case study is for long term rent @ €250 per apartment per month for 3 years..
The investor buys the block and rents out the apartments for 3 years and then sells.
• CASE STUDY 2 – This case study is for long term rent @ € 300 per apartment per month
The investor buys the block and rents out the apartments for 3 years and then sells
• CASE STUDY 3 – This case study is for short term rent per day though airbnb, tripadvisor, expedia, booking .com etc.
The minimum charge per day is € 60 per day per apartment. My calculations are based on a 4 month occupancy period (obviously the occupancy will be more than 4 months )
Please note, that concerning the above case studies, the calculations are based on a 3 years duration.
Selling price for the whole block is € 400,000 - No vat.