CBRE is quoting €3.5 million for a fully-rented block of apartments about 4km from NUI Galway.
Block 2 at the Altan Apartments complex in Knocknacarra was built in 2004 and includes 40 residential units that currently generate a rent roll of €346,620 per annum.
There are six three-bedroom units and 34 two-beds. Rents range from €650 per month for a two-bed up to €750 per month for a three-bed. “There should be potential for rental growth from these rates,” according to CBRE.
Each of the apartments has a spacious livingroom, fitted kitchen, at least one en suite bedroom, timber and tiled flooring, built-in wardrobes, storage heating and WC with bath and shower. These homes have a BER of C3-E1.
The Altan Apartments are adjacent to Gateway Retail Park, Gateway West Business Park and Joyce’s Supermarket. Gateway Retail Park is anchored by Dunnes Stores, B&Q and Next.
The Altan apartment scheme comprises three four-storey apartment blocks with a mixture of surface and basement car-parking spaces. Galway-based developer Coolagh Construction built the complex and it has instructed CBRE to put Block 2 on the market.
