Zamenhof Tel Aviv, 100m – Secondary

4 rooms, Renovated, Central
Secondary Market
9% slices for sale

Original transaction on Primary Market

  • Invested so far: 3,210,000 NIS
  • Investors so far: 21
  • Annual rent Income: 3%
  • Minimal investment: 100,000 NIS
Price: 3,210,000 NIS
100% funded
Purchased on 18 Aug 2016

Slices offered on Secondary Market

18 Aug 16 Original price on primary market 3,210,000 NIS
15 Apr 17 Index price update 3,330,000 NIS
18 Jun 17 Valuation price update 3,440,000 NIS
 
Slice price % of property Implied full property price by seller -+% from lastest valuation/index price -+% from original price  
107,200 3.1% 3,440,000 0% (At last price) +7.2%
210,000 6.2% 3,370,000 -2% (Below last price) +5%
120,000 3.1% 3,852,000 12% (Above last price) +20%

About the property

Facts

  • Type: Residential, apartment
  • Lot: 100m (86m registered)
  • Rooms: 4
  • Baths: 2
  • Balconies: 0
  • Floor: 3/4
  • Built: 1949
  • Condition: Very good, Renovated
  • Price/sqm: 36,400

Highlights

  1. Two years rental contract- A certain rental yield of 3% per year
  2. Last year increase in value- 7.2%
  3. Available slices for sale below the appraiser value

The property has a living room, 3 bedrooms, half open kitchen, and 2 bathrooms (one connected to the master bedroom). The property's original plan was 86.5 sq meters + 13.5 sq meters balconies. The balconies are now closed and are part of the apartment, as in the whole building.

The property is located on the 3rd floor of a 4 story building(no elevator in the building), at the corner Zamenhof street and King George street (GUSH 7092, title 31, subtitle 14), at the very center of Tel Aviv city.

The property was fully renovated 10 years ago and it is in a very good condition. After purchase, the apartment had been fully renovated in order to maximize its value- Including moving the walls, moving the kitchen and changing marble, plumbing work, flooring, parquet, painting the apartment, adding electricity points and kitchen accessories.

Rent Income

The apartment is leased in a two-year contract for rent of 8,500 per month.

This income yields a gross rental yield of about 3.2% per year.

Potential

  • There is no elevator at the building but the building has an approved permit for an elevator, so adding an elevator in the following years may raise the property's value.
  • The property was built before 1980 and has not yet been through urban regeneration, therefore it presumably meets the conditions for strengthening and renovating the building under Tama38 according to Tel Aviv Rova 3 plans (requires examination of the building according to 413 Standard). However, there are 2 units built on the roof and shops and offices on the ground floor and basement, which make it difficult to realize Tama38 rights.
  • The property is located at a high demand area at the very center of Tel Aviv. The supply of new properties in Tel Aviv area in the following years is limited and therefore we expect a positive price change is the long term.

Location

Appraisal

The initial appraisal for the property was carried out on July 10th 2016.

The appraisal value of the pre-purchase property was then 3,220,000 NIS. The property was purchased at a price of 3,150,000 NIS, below the appraiser's price, and 60,000 NIS was collected for the renovation of the apartment. The total investment in the project was 3,210,000 NIS.

On June 18th 2017, an independent appraisal of the asset was made by the appraiser Yehuda Goodman. The appraised value was estimated at 3,440,000 NIS, which indicates an increase of 7.2% in its value from the original investment.

You can download and read the latest checks made in the link below.

Investment Summary

According to the proposed slices by the sellers' proposals in the table above.

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