Murphyville And Montrose Avenue

Other New Nassau and Paradise Island, Nassau and Paradise Island Bahamas

Mixed use properties located on Montrose Avenue South, just behind the Commercial hub and intersection of Rosetta St and Montrose Avenue (Murphyville – Shirley Heights Subdivision) behind the Evolve Functional Fitness Center, is located 5 lots comprising 38,695 sq ft being sold as one (1) parcel. It is also within ¼ mile of the super busy and fully occupied commercial hub of Palmdale for which many seek alternatives and for which this is the perfect option.

The parcel is represented by 6 structures on which are located 4 commercial and 1 residential building, all of which can continue to be used in existing form or fully converted to highest and best use for a commercial complex to house retail businesses, professional offices or an apartment complex, Government offices or housing, all of which are in short supply and justify the proposed investment which its current occupancy rate is proof that such an investment will approximate a payback period of 15 years or less, particularly given that there is room for increased rental rates based on current and trending market conditions of high demand and short supply with the Bahamian economy being restored to good health.

In existing form, there are 20 rental units, 19 of which are rented to long term tenants (1 of the 20 is a 3 bed 1 bath owner occupied unit which if acquired can be rented) which generate annual rental income approximating $190,000 gross and after 40% for expenses or $76,000, delivers net operating income of $114,000. On an investment of $1.892 million (including closing costs), this represents a minimum cap rate of 6.03%, well beyond average rates of return available on most instruments in the Bahamas. Excluding capital appreciation, this represents a payback period of 15 years or less

For any use, properly planned, 1 of the 5 lots which is vacant land, can provide more than adequate PARKING.

20 Unit representation is summarized as follows:

Studio 3

1 bed 1 bath 2

2 bed 1 bath 8

3 bed 1 bath 3

3 bed 2 bath 1

Commercial 3