Live On Site Rental Property In Barbados Caribbean For Sale

Business description

Short and long term rentals are both appropriate for this 7 bedroom, multi unit property.
This property is located in Dover Gardens. This is on the 'residential end' of St. Lawrence Gap (the busiest tourism hub in Barbados), and is a 2 minute walk from the beach and amenities while maintaining a residential atmosphere.
Currently there are 4 units. 3 are rented long-term and my family lives in the 4th one. We have been successfully renting these units for 15 years.
The previous owner also used the property in a similar way; living on-site but renting units SHORT-TERM.
There are easy conversion plans for creating 6 smaller units if desired.
The property has been modernized over the last 3 years. The finishes in all of the rental areas are similar.
We have had tremendous success with this property and are only selling now because our family has 2 young children necessitating more family room.
This furnished, turn-key and fully tenanted property is on sale at US$800k.

Property information

Real Estate:

Real Property Included

Living accommodation:

My family has lived in the Top Apartment for 15 years. This is approximately 3,600 sq ft. It has 3 bedrooms, 2 bathrooms, kitchen, living dinning and patio

Location:

The residential section of St. Lawrence Gap, the busiest tourism hub in Barbados. 2 minutes walk from the beach and other amenities.

Premises details:

The property has a main house with 1 top apartment (3 bed and 2 bath), and 2 bottom apartments (both 1 bed and 1 bath). There is also a separate cottage with 2 bedrooms and 2 bathrooms.
My family has lived in the Top apartment for 15 years. The other 3 units have been rented long-term during this time. All rental areas have been modernized over the last 3 years.

Size in square feet:

approximately 14,800 sq ft of land

Planning consent:

The conversion into 6 units would not need planning permission.

Business Operation

Expansion potential:

There are easy conversion possibilities for creating 6 smaller units. There is also significant potential for increased earnings by using the rental units for short-term rentals. Currently we have only done long-term.

Reasons for selling:

This is a powerful opportunity. This has been a successful family owned business / home for 15 years. At this time we are aiming to simplify our lives and enjoy our 2 young children.

Employees:

none

Years established:

About 30 years. My family has run the rentals for 15 years.

Other information

Support & training:

The property is fully tenanted now.