Smithfield Lofts on North King Street, Dublin 7, has been brought to the market today by Savills Ireland.
The property will be offered for sale by private treaty with a guide price of €9,250,000.
This equates to a gross income yield of 6.6% and an average breakup value of €185,000 per apartment.
"This is an excellent value-add opportunity, with increasing demand for rented accommodation, along with passing rents considerably below market rent and a very attractive average breakup value of €185,000 per unit Savills expect good interest in this asset," said Leona Mullen at Savills.
Built in 2000, the development comprises a 5-storey over basement building containing 57 apartments, 6 two storey town houses and commercial units. 44 apartments, 6 townhouses and 33 car spaces form part of this sale, with the other 13 apartments and commercial units in private ownership.
There are 16 one-bedroom apartments ranging from 40-59 sq m; 28 two-bed units ranging from 54 -75 sq m and 6 two-bedroom townhouses ranging from 65-82 sq m.
The units are located in an L-shaped block around a central courtyard and have lift services to all floors. The 33 car parking spaces are located in a secure underground gated car park.
The scheme is currently 98% occupied with gross rental income approximately €638,664 per annum. Rents currently range for one bed apartments from €835 to €1,300 per month, two bed apartments range from €860 to €1,500 per month and 2 bed townhouses range from €960 to €1,600 per month. The average rent across the scheme is €1,086 per month and if let at current market rents the average rent could increase to €1,710 per month.
The scheme is being sold on the instruction of Statutory Receiver David Carson of Deloitte.