18-unit apartment building in Dublin 6 for sale for €5.5m
Rent roll for Sycamore Court on Rathgar Rd nearly €304,000, with gross yield of 5.53%
Monthly rents for the two-bedroom Sycamore Court apartments average €1,422
The renewed interest by investors in Dublin apartment blocks is expected to lead to an early sale of a multifamily development of 18 apartments on the Rathgar Road in Dublin 6.
Agent Hooke & MacDonald is guiding €5.5 million for Sycamore Court, which produces a rent roll of €303,984 and a gross yield of 5.53 per cent.
The high-profile, five-storey residential building on the west side of Rathgar Road dates from the 1980s and includes 15 two-bedroom apartments, two two-bedroom penthouses and one one-bedroom unit. The development has security gates and landscaped grounds with parking for 22 cars. The 0.31 of an acre grounds would allow the apartment block to be extended.
Monthly rents for the two-bedroom apartments average €1,422, well short of the €2,000 payments recently agreed for similar rental properties in the same area.
Sycamore Court was upgraded in 2001 and again in 2014.