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Property description
INTRODUCTIONELITE Property presents the opportunity to acquire a leased-up apartment building in Jumeirah Village Circle.
OPPORTUNITY
ELITE Property is pleased to present the opportunity acquire an apartment building in the emerging Jumeirah Village Circle submarket of Dubai, UAE.
The property consists of the following components:
* 102 Apartments
* 8,786 Square Feet (SF) gross leasable area (GLA) of office space
* 1,900 Square feet (SF) gross
* Leasable area (GLA) of retail space
The property is leased up, exhibiting an 87% occupancy rate based on total GLA.
The property is located near amenities including several parks and the Circle Mall.
There is an opportunity to increase rents as current tenancies expire.
The owners are seeking to dispose of the property. Buyers will acquire the property leased up as is.
ASSET AREA SCHEDULE
The property comprises of apartments, office space and retail space with a G+3P+10 floor configuration and 122 parking spaces.
Unit Breakdown
* 8 Studio Apartments
* 52 1-Bed Apartments
* 41 2-Bed Apartments
* 1 3-Bed Apartment
* 8,786 SF GLA of Office Space
* 1,900 SF GLA of Retail Space
Plot Area -16,782 SF
Gross Leasable Area (GLA) -101,274 SF
Built Up Area (BUA) -186,690 SF
FINANCIAL HIGHLIGHTS
The propertys current rent roll totals an annualized gross rent of AED 5.15 million.
As current leases expire and units are re-leased at market rates, annual gross rent is expected to increase to AED 5.99 Million.
Key Financial Highlights
Current Gross Annual Rent -AED 5.15 Million
Potential Gross Annual Rent * -AED 5.99 Million
2021 Operating Expenses -AED 935.6 K
*Potential Gross Rent denotes forecasted rental revenue for the property in year 2 of leasing.
It is assumed the property will exhibit an 87% occupancy rate in line with its current occupancy.
Company Name: E L I T E Property Brokerage LLC
RERA ORN: 25831
Address: Off. 613, The Onyx Tower 1, The Greens(SZR), Dubai-UAE
RERA Permit #:1104897755
The property is leased up, exhibiting an 87% occupancy rate based on total GLA.
The property is located near amenities including several parks and the Circle Mall.
There is an opportunity to increase rents as current tenancies expire.
The owners are seeking to dispose of the property. Buyers will acquire the property leased up as is.
ASSET AREA SCHEDULE
The property comprises of apartments, office space and retail space with a G+3P+10 floor configuration and 122 parking spaces.
Unit Breakdown
* 8 Studio Apartments
* 52 1-Bed Apartments
* 41 2-Bed Apartments
* 1 3-Bed Apartment
* 8,786 SF GLA of Office Space
* 1,900 SF GLA of Retail Space
Plot Area -16,782 SF
Gross Leasable Area (GLA) -101,274 SF
Built Up Area (BUA) -186,690 SF
FINANCIAL HIGHLIGHTS
The propertys current rent roll totals an annualized gross rent of AED 5.15 million.
As current leases expire and units are re-leased at market rates, annual gross rent is expected to increase to AED 5.99 Million.
Key Financial Highlights
Current Gross Annual Rent -AED 5.15 Million
Potential Gross Annual Rent * -AED 5.99 Million
2021 Operating Expenses -AED 935.6 K
*Potential Gross Rent denotes forecasted rental revenue for the property in year 2 of leasing.
It is assumed the property will exhibit an 87% occupancy rate in line with its current occupancy.
Company Name: E L I T E Property Brokerage LLC
RERA ORN: 25831
Address: Off. 613, The Onyx Tower 1, The Greens(SZR), Dubai-UAE
RERA Permit #:1104897755
Elite Properties Brokerage