Located right opposite the sea in Jaffa in front of Madron Park without the possibility of future obstruction, this apartment is located just 150 meters from the beach. It has a lot size of 381 Sqm and a full sea view from the ground floor.
The building is in a valid zoning permit area that allows both residences and hotels. There are plans for two alternatives.
Existing situation: a 3-story building, around 200 Sqm net per floor + balconies + roof + built underground parking – with a total of about 770 Sqm according to the following breakdown:
High level construction, 5 apartments as follows:
- Garden apartment – 103 Sqm.
- Garden duplex: ground + first floor – 157 Sqm + 50 Sqm garden.
- First floor apartment – 108 Sqm + 7.6 Sqm sun balcony.
- Duplex 2nd + 3rd floor – 142.6 Sqm + 75.4 Sqm balconies.
- 2nd + 3rd floor duplex – 147 Sqm + 88 Sqm balconies.
Roof – 227 Sqm (currently not in use)
Level -1 – a built parking lot totaling 350 Sqm.
Future residential alternative:
7 apartments – a total of about 1,040 Sqm gross, about 930 Sqm equivalent.
The apartments will be redistributed and about 160 Sqm added.
Currently the whole building is rented out.
The building was fully rented out to long-term tenants for approximately NIS 800,000 per year (NIS 66,000 per month). Eviction notice within a 60 day notice period and therefore we updated their leases.
With a cosmetic renovation of the building – we estimate that it is possible to achieve rental of about NIS 1.2 million per year.
After renovating the building according to the plans, we anticipate that it will be possible to rent the building for approximately NIS 1.7 million.
(Details will be sent upon request).
Hotel planning
It is possible to build a 32-35 room hotel that includes a hotel, spa, restaurant on the entrance floor, a tiled roof with a sunken pool and a top bar.
A total of about 1,300 Sqm gross after the addition of the areas.
An average room was designed according to the size of about 20-22 Sqm.
