8 apartments 2 bedrooms. Alderwood Apartments
For Sale Freehold 975,000 euros (approx 890,000 GBP) Alderwood is an exclusive, private, apartment complex located just 5 minutes inland from the beautiful seaside town of Altea, 10km north of Benidorm on the East coast of Spain with spectacular views of the Sierra Bernia mountains and the Mediterranean coastline.
Alderwood occupies two adjacent commercial 800m2 plots situated on an affluent urbanization surrounded by private villas, and the urbanization has communal facilities including a swimming pool and tennis courts. Alderwood is a secure, walled, complex consisting of eight apartments and a shared swimming pool and library and was built to the highest standards in 2009, enjoying full occupancy since then. It is currently rented on ‘long lets’ to retired British expats who love the security of a gated complex, the peace and tranquillity of the area, and the proximity of the coast just 5 minutes drive away. Each apartment sleeps 4 comfortably (or 6 using a sofa bed) and consists of 2 bedrooms and 2 shower rooms, plus a living room, kitchen and private terrace. Fully equipped with all electrical appliances, (washing machine, dish washer, oven, hob and microwave) each apartment also has air conditioning (hot/cold). The apartments are all unique, but of a similar size of approximately 70m2 and rent ranges between 550/625 euros per month, depending on the apartment and how long the apartment has been rented (the latest rental achieved 625 euros and rented immediately). There is also a large private roof storage area which could easily be converted into another apartment, or accommodation for the new owners should they wish to live on site.
Income & Expenses
The current income from the complex is just over 51,000 euros per annum. The only expenses to deduct from this are rates, rubbish collection and landlords insurance which amount to approximately 5000 euros leaving a net profit of 46,000 euros. The tenants pay their own electric and water (on average 110 euros per apartment per month) plus a community fee to the urbanization which works out at 30 euros per month. Extra revenue can be made from offering a cleaning or gardening service or general maintenance tasks. The current business represents approximately 5% return on your money and the capital is secure in the property. Alternatively income could be increased substantially should the new owners prefer to rent the apartments on a holiday let basis for shorter periods.
Summary Alderwood is a ready-made business, with minimum work involved to run it as it is and would prove ideal for someone looking to live their dream under the sun, close to the coast to enjoy more free time. But it is a FANTASTIC opportunity for someone looking to develop their own holiday apartment business as there is a very realistic and easily achieved growth opportunity to double the income based on current holiday rentals in this area. Located so close to Benidorm the area is a popular holiday destination and even more revenue could be made should the new owner offer other services ie. the library could easily be used as a bar/ restaurant, the roof space could be converted into treatment rooms … the possibilities are endless. If you want to live the dream, but don’t want to run a bar, this is a great alternative, and an exciting challenge, depending on how little, or much you want to work. Reason for sale The current owners are retiring