Manila property in prime spot for sale
It is not usual to find a prime Manila property for sale at a bargain. Manila real estate does not come cheap especially around University Belt or U-Belt. But this lot with 24 rental units comes cheap given its prime location. This is good for Overseas Filipino Workers looking where to invest now.
This piece of real estate is in Lardizabal Street, Sampaloc, Manila.
The area is near Legarda LRT (Light Rail Transit) 2 station so access to transport is not a problem.
It is not a stone’s throw away from U-Belt but close enough for students.
With a total land area of 1,000 square meters, two titles go with this property. The first lot with an area of 140 square meters along Lardizabal has 2 duplex units. The 24 small apartment units sit on the adjacent lot with an area of 860 square meters. The titles are clean and are open for scrutiny.
More about this Manila property
The apartments and the duplex house have tenants. But there is a problem. The tenants stopped paying rents when the owner died sometime in early 1990s. It is not the tenants’ fault. The owner just did not show up collecting rents. And the heirs, the owners’ children, have just found out about these apartments in Manila.
Rent per unit at that time was around P1,000. The units are concrete and some have wood but with that amount you could tell who could afford the rent. This could be one of the cheapest places to live at that time. Or rental houses in Manila were that affordable.
The owners are selling this property because they do not want to go through the trouble of dealing with the tenants. They want the next owner to take care of the issue. But even selling at a bargain, they still want the best offer for this property.
This Manila property is a bargain
Prime location, owners selling at a bargain, what else could you ask for? And if you are in the real estate business, you should know by now the value of real estate properties in this area. The zonal value alone can be a gold mine. Houses in Manila usually sell closer to their zonal values, if not higher.
Aside from dealing with tenants, there are unpaid real estate taxes close to 400,000 pesos. These could affect the price and the owners understand that. They just want out of the property. Price starts at 9.5 Million Pesos and they expect buyers to be fair.
So how will you earn from this? Collecting rents at current rates will give you instant monthly cash flow. The barangay captain in the area is willing to help in this regard. You can also sell the land to a developer. The area is good for building rental properties.
I know you will do your due diligence before making an offer to buy this property. I will provide as much information as I can but it is your responsibility to confirm its accuracy.
You can also visit the property anytime. Tell the tenants you are checking the property. Please use the form below so we can give you the address and for questions you may have.
Manila real estate can be a bargain with this property. OFWs and other Filipinos do not have to ask for smart ways to invest money when such Manila property presents itself.