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Property description

Currently, the block of Apartments make part of a resort (Jardim do Paraiso/Quinta do Paraiso) of 60 units with a pool and mature gardens. The apartments were built in 1992 and are now in need of upgrading. The size of the units are very generous and offer lots of potential for the rental market. They have been successfully rented the last 27 years through the well known Quinta do Paraiso Resort. The block of apartments will be totally renovated and refurbished to the latest standards. All electric, plumbing, kitchen, flooring, windows will be changed. New Air-Con system will be installed for heating & cooling. All units will be newly furnished and totally equipped, ready to move in. The idea is to upgrade the T1 units to a T1+ which will offer besides a Master bedroom a second bedroom for up to two children (or one adult) (previously kitchen). A new small kitchen will be moved into the large living room (open kitchen design). There will be two bathrooms in the new changed layout. The price including full renovation will be 185’000.-. per unit i.e. 1,85 Mio. for the lot of 10 units.

The exploration will be done by Carvoeiro Clube (mandatory) and the following guaranteed remuneration will be provided:

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 ff: 5% on purchase price of Euro 1,85 Mio. (€ 92’500.-)
All operating costs like condominium, cleaning, electricity, water, etc. will be carried by Carvoeiro Clube Lda. The only cost which will have to be paid by the investor are 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) which will guarantee the success.

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Property Features

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