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MLS#: 416463

Lakeside Bulk Sale Of 73 Rental Apartments In Rare Prime Location 1 2 3 Bed Apartments

George Town, Grand Cayman
US$22,000,000
Type: Multi Unit
  • 105
    BED
  • 94
    BATH
  • 43,431
    SQ FT
  • 2007
    YEAR BUILT
  • 9.23
    ACRES
212 people viewed this property since last week.

Property Information

Lakeside bulk sale of 73 rental apartments, the primary inventory is 52 one bedroom units, 10 two bedrooms, and 11 three bedrooms.
This is a rare opportunity to acquire en masse a large inventory of units at a property that is well located along the by-pass heading to Camana Bay. The location is excellent as it gives access for tenants to the corridor if working in the hotel or service industry or if location to all the convenances of the Seven Mile Corridor, like restaurants, bars, social spaces, grocery stores, retail shopping, the whole of Camana bay with cinema and commercial offices as well. This has helped in making sure that the apartments are always rented. It also has access to George Town and the industrial side of Town as well. Separately there is access though via foot to the eastern avenue.
This type of inventory is always needed and easy to rent. In particular, the one-bedrooms can work well for couples, in a single space with privacy. Ultimately, the units are being sold based on the value of the asset but with a bulk discount associated while there is a return on investment.
Due to its prime location, they are always rented and benefit from exceptionally low vacancy rates. This property offers exceptional value for convenience, while situated on a property offering many amenities such as a lake, gym, pool, garden and has on site management.
Though current rate of return is around 5.5% prior to management fees, there are many opportunities for improvements in returns, especially as time goes on. Keeping in mind that the capital appreciation would add to the returns over time which adds to the annual cash returns. This could be done by increased rents, renovations and upgrades, sale of part of the inventory to individual purchasers and so on.
Keeping in mind the housing shortage and population growth of Cayman, this type of property will always be needed. This is compounded by the fact that to replace this type of inventory would take a large amount of time and would cost more to replace than the current cost to purchase. This will only get worse as construction costs and timelines are only going up. All of these factors lend themselves to this property being more desirable from a rental perspective but also from a purchasing perspective of the individual apartments.
One of the additional bonuses about this type of asset is that it is stratified and as such can at any time be sold as individual properties and seeing as the current sales prices are north of US$480 per sq.ft. it is easy to say that they will provide good value at any point in time and give the new owner the ability and flexibility to sell of the individual apartments.
This would be great for a group to purchase or an institutional investor as the asset is a stable one and is consistent with it returns year over year and will be going forward while the underlining value of the asset will continue to grow as well.
Please contact us for more information.
Block 13D Parcel 261H13,18,30, 43,61,66,81,83,86,88,93,96,98,101,106,113,118,125,128,133,135, 137-139,142,144,145, 147,150,152-154,158-180,182-184,186-190, 192,195,196,198-203 & 207

Property Details

  • Status: Current
  • View: Garden View, Lake View
  • Listing Type: Apartment Building / Condo Building
  • Pets Allowed: Yes
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*Disclaimer: CIREBA uses a conversion rate of KYD 0.82 to US 1.00. It is important to check with your local real estate agent or financial institution as the KYD/USD exchange rate may differ when purchasing real estate in the Cayman Islands.
The information contained herein has been furnished by the owner(s) and or their nominee and represented by them to be accurate. The listing company, agent and CIREBA MLS disclaims any liability or responsibility for any inaccuracies, errors or omissions in the represented information. All the information contained herein is subject to errors, omissions, price changes, prior sale or withdrawal, without notice and is at all times subject to verification by the purchaser(s).

About RE/MAX CAYMAN ISLANDS

RE/MAX, which stands for "real estate maximums", was founded in the 1970's by Dave and Gail Liniger in the United States of America. They developed a unique franchise system that allows real estate agents to maximize their potential by having the security of a franchise while at the same time having the individual freedom to run their own business. Today the RE/MAX network comprises over 6,000 offices with around 90,000 associates in 85 countries. RE/MAX Cayman Islands is one such independently owned and operated office within the real estate network of RE/MAX International and RE/MAX Caribbean/Central America. The office at 7 Mile Shops on West Bay Road unites 20 Cayman real estate professionals and nine administrative staff under one roof. All of our associates and administrative staff are highly experienced and constantly expand their knowledge with ongoing training. Every real estate agent in Cayman uses the synergy potential. Not only synergies within the office are important; we also work closely with RE/MAX offices all over the world as part of our international referral system. Locally and internationally, we are dedicated to maintaining a high degree of visibility which will benefit our highly valued customers and clients as well as our Sales Associates. A comprehensive marketing strategy across all media including print and internet ensure our consistent exposure. We are well established in the Cayman Islands realestate market as a strong office, capable of producing outstanding results. Referrals from satisfied buyers and sellers are a proof of it as well as the many awards the office has received. Top Office in Total Sales Volume Single Office International 2012 2011 2009 # 1 Top Office - Sales Volume # 1 Top Office - Transactions RE/MAX Cayman Islands values the Cayman Islands community and is involved in various local charities, sports clubs and events. Each associate and supportive staff member dedicates time and money to community projects.

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