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Investment opportunity: 10 x fully renovated 1+1/ 2-bedroom apartments as complete package
Carvoeiro – Jardim do Paraíso:
This block of 10 x fully renovated one plus one (8 units)/ 2-bedroom (2 units), 2-bathroom apartments within a two-storey building (5 x ground-floor/ 5 x first floor apartments) with built areas ranging from 81,82 to 105,41 m² each is part of the resort Jardim do Paraíso/ Quinta do Paraíso with a total of 60 units, a communal pool and mature gardens. It´s surrounded by private villas and is very close to the popular Carvoeiro Tennis and Fitness Club, many famous nearby golf courses, beaches, bars and restaurants, just a few minutes by car from the centre of Carvoeiro. Faro airport can be reached within 45 minutes.
The apartments were originally built in 1994 and have lots of rental potential. Whilst they have been successfully rented for the last 30 years through the well-known Quinta do Paraiso Resort, however they need upgrading. Thus, the 10 apartments of this block will be totally renovated and refurbished, newly decorated, furnished and totally equipped to the highest standards. All electric wires, the plumbing, kitchen, flooring, windows will be changed (refurbishment in progress). The 1+1/ 2-bedroom apartments comprise of the entrance hall, the en-suite bedroom, 1 office/ study (could be used as an additional bedroom)/ 1 further bedroom, one family bathroom, and the spacious lounge/ dining area with the open-plan fully-fitted and equipped kitchen with direct access to a terrace/ balcony with the outdoor dining area, with the terraces of the ground floor apartments surrounded by a small garden with an astroturf lawn area.
The apartments are tastefully furnished and decorated with a beach style (ground floor apartments) and urban style theme (first floor apartments) and are equipped with air conditioning, solar panels for hot water, double-glazed windows and benefit from outside parking. The large communal swimming pool with pool-side showers and a children´s pool is just a few steps away.
The exploration will be in the hands of the Carvoeiro Clube Group and includes a 3-year rental guarantee with 5 % annual return. All operating costs like condominium, cleaning, electricity, water, etc. will be paid by Carvoeiro Clube Group. The investor only has to pay for the IMI (property tax), IRS (income tax) and wear & tear. This is an attractive investment into a well-established family resort with an experienced management company (established 1982) and a guaranteed return on investment. The refurbishment works will be completed in March/ April 2025. The price for the whole block of 10 units includes the full renovation. Sold fully furnished and equipped.
- REF: JDPBL900
* The feature(s)/equipment(s) mentioned in this description are subject to verification and agreement between the vendors and buyers.
Property Features
- Washing machine
- Dishwashing machine
- Air conditioning
- Fitted wardrobes
- Equipped kitchen
- Safe
- Solar panels
- Pool
- Proximity: Airport, Mountain, Beach, Golf course, Shopping, Hospital, Restaurants
- Garden
- Tennis Court
- Communal pool
- Communal garden
- Terrace
- Furnished
- Built year: 1994
- Views: Urbanization view, Garden view
- Double glazing
- Quiet Location
- Parking space
- Solar heating
- Energetic certification: B-
- Solar orientation: South
- Mains water
- Balcony
- Renovation year: 2025
- Rental licence
