Opportunity at Arlington Heights By Sue Sharpe
Have you ever considered the opportunities presented by Real Estate? While many of us set out to find a home that can best fit our lifestyles, Real Estate can offer us much more than a home, for some it can be an income generator.
Many homes across the island have additional apartments or cottages that can be rented out to tenants at cost, but in the majority of instances there is only one or two rental spaces available on a property. That is not the case for Arlington Heights. This fantastic, centrally located property presents a unique opportunity to invest in the Bermuda Real Estate market, with an almost guaranteed return on investment.
Arlington Heights, located in Smith’s is a complex of 10 units with mature gardens and a pool. All 10 units are currently rented with high demand for vacancies. The property affords you several different options as to the use of these 10 units. Currently the property operates as an apartment complex, using a property manager. If you wanted to continue the rental of these 10 units, you could keep the property manager in place or you move into a unit and manage the property yourself. Alternatively, you could also use the property for a different purpose such as housing for the elderly or a guesthouse for visiting tourists.
Taking into account the purchase price, the present rental rates, the expense of land tax, insurance, landscaping, electricity a pool maintenance, Arlington Heights offers a yield on the investment of 5.33% (excluding closing costs).
Written by Rego SIR in Bermuda Real Estate, Rego Sotheby's International Realty, Sotheby's International Realty, Uncategorized