468 Income Producing Property

  • CI$985,000
468 North West Point Road

468 Income Producing Property

468 North West Point Road
  • CI$985,000

Overview

Property ID: 21657
  • 6
  • Bedrooms
  • 6
  • Bathrooms
  • 4568
  • sqft
  • 21657
  • Property ID

Description

Huge opportunity to own one of West Bay best income producing property
North West Point Road
Asking price CI$985,000.
Gross Annual Income CI$90,600 (with more growth potential)
Net Annual Income: CI$ 77,940
Over 8% ROI
4,568 SQ FT
6 BED
6 BATH
0.28 Acres or 12,197 sq ft @$16 per sq ft (value of the lot alone around CI$200K)

This lovely home comprises of 5 apartments and a separate, self-contained cottage. All the apartments have their own private entrance, parking space, bathroom, kitchen and living room.
The house is located on North West Point Road and it only takes about 15 minutes’ drive to George Town. This whole area is undergoing a tremendous boom in development, with multi-million-dollar condo complexes under construction or about to start. These include Dolphin Point Club, Serrana, Point West, Villas Marbella, to name just a few.
Built of solid concrete in the early 1990’s, the house has 4,568 square feet of living space and seat on 0.28 acres lot and with an elevation of about 17 feet. It has been renovated with new roof and well maintained throughout the years. Always popular with tenants, the property is currently fully rented to professional expats, (children and NAU tenants are not allowed). It also has some of the best diving sites on Cayman, with a number of prominent dive companies based close by, such as Divetech, Living the Dream, Sun Divers etc. In addition, there are some excellent restaurants located minutes away, such as Macabuca/Cracked Conch, Vivo, Pappagallo, Calypso Grill, and Tukka West. The property could easily be operated as an AirBnb or you could live in one apartment and have the rental income from the other ones paying your mortgage.
Gross Rent (Per Month)
MAIN BUILDING
Ground Floor Level:
1. 2 bed / 2 bath unit, renting for CI$ 2,500 p/m x 12 = CI$ 30,000 pa
2. 1 bed / 1 bath unit, renting for CI$ 1,300 p/m x 12 = CI$ 15,600 pa
3. 1bed /1 bath unit, renting for CI$ 1,400 p/m x 12 = CI$ 16,800 pa
Second Floor Level:
1. 1 bed / 1 bath unit renting for CI$ 1,500 p/m (gross) x 12 = CI$ 18,000 pa
Cottage:
2. 1 bed / 1 bath unit renting for CI$ 850 p/m (gross) x 12 = CI$ 10,200 pa

Floor plans available upon request
Only pre-approved or cash buyers will be considered.
Sold by the owner. Please no agents.

  • Address 468 North West Point Road
  • Island Grand Cayman
  • Country Cayman Islands

Details

Updated on August 5, 2022 at 12:28 pm
  • Property ID: 21657
  • Price: CI$985,000
  • Property Size: 4568 sqft
  • Bedrooms: 6
  • Bathrooms: 6
  • Property Type: Single Family Home
  • Property Status: New Listing

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