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Block of 10 x 1+1- bedroom apartments in a resort – investment opportunity

This block of 10 x one plus one bedroom apartments set in a 1.641,62 m² plot is part of the resort Jardim do Paraíso/ Quinta do Paraíso with a total of 60 units, a communal pool and mature gardens. It´s surrounded by private villas and is very close to the popular Carvoeiro Tennis and Fitness Club, many famous nearby golf courses, beaches, bars and restaurants, just a few minutes by car from the centre of Carvoeiro. The generously-sized apartments were built in 1992 and have lots of rental potential. Whilst they have been successfully rented for the last 27 years through the well known Quinta do Paraiso Resort, however they are now in need of upgrading. This block of apartments will be totally renovated and refurbished, newly furnished and totally equipped to the latest standards - ready to move in. All electric wires, the plumbing, kitchen, flooring, windows etc. will be changed, a new revesible air conditioning system will be installed. The idea is to upgrade the original one-bedroom units to a one-bedroom + one. In addition to the master bedroom, there will be a second small bedroom in the former kitchen. The new kitchen will integrated be in the lounge-dining area following an open-plan concept. There will be two bathrooms in the new changed layout. The price for the whole block of 10 units includes the full renovation. The exploration will be in the hands of Carvoeiro Clube (mandatory) and includes the following guaranteed return on investment: Year 1: 4 % on purchase price of Euro 1,85 Mio. (74.000 €) Year 2: 4,5% on purchase price of Euro 1,85 Mio. (83.250 €) Year 3: 5% on purchase price of Euro 1,85 Mio. (92.500 €) All operating costs like condominium, cleaning, electricity, water, etc. will be paid by Carvoeiro Clube Lda. The investor only has to pay for the IMI (property tax), IRS (income tax) and wear & tear. This is an attractive investment into a well-established family resort with an experienced management company (established 1982) and a guaranteed return on investment. * The feature(s)/equipment(s) mentioned in this description are subject to verification and agreement between the vendors and buyers.

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Property Features

  • Air conditioning
  • Communal pool
  • Tennis Court
  • Built year: 1994
  • Floors: 2
  • Reception
  • Garden view
  • Fireplace
  • Communal garden
  • Playground
  • Energetic certification: B
  • Balcony
  • Good location
  • Excellent rental potential
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