Mixed-Use Freehold Property For Sale — Majengo, Mombasa Island | KES 65,000,000

Description

About This Property — Mombasa/Block XVI/94, Majengo, Mombasa Island Freehold land on Mombasa Island is not simply a property category. It is a finite resource on a geographically bounded landmass that cannot expand, in a city whose commercial and residential demand is accelerating on every measurable indicator. When a freehold title comes to market on this island, the question is not whether it is worth acquiring — the question is whether the buyer moves before someone else does. Mombasa/Block XVI/94 is one such title. Located in Majengo, 1.2 kilometres from the Mombasa Central Business District, the property comprises two independent 3-storey buildings on 271 square metres of freehold land — a residential apartment block totalling 3,712 square feet and a commercial office block totalling 2,679 square feet, for a combined built area of 6,391 square feet under perpetual, unrestricted ownership. The residential block is configured for immediate multi-unit tenancy. Three 2-bedroom apartments — each with master ensuite, private balcony, fitted kitchen, dining area, and dedicated laundry — occupy the first three floors. The rooftop level adds a self-contained bedsitter, creating four separate rentable units from a single building. The commercial block delivers three floors of mixed-use office space: private offices, a boardroom, open-plan and partitioned configurations, reception areas, and multiple washrooms — a configuration that commands above-market rental rates from NGOs, professional firms, and corporate tenants seeking CBD-proximate office space with parking and security. The property is currently owner-occupied. No rental income is being collected. That is the investor's first and most immediate opportunity: the gap between zero yield today and KES 302,000 to KES 350,000 in gross monthly rental income the day the buildings are tenanted. At the asking price of KES 65,000,000, that represents a gross annual yield of 7.8 to 10.2 percent — before accounting for any capital appreciation. Capital appreciation, however, is the structural argument for this asset class. Mombasa County is in the early stages of a supply-constrained demand cycle driven by three concurrent infrastructure catalysts: the SGR terminal at Miritini consolidating the city's logistics position, the Dongo Kundu bypass unlocking south coast connectivity, and a formal county densification policy that favours upward development on constrained island land. Five-year capital appreciation is projected at 30 to 40 percent in the base case — bringing the total 5-year return, including rental yield, to approximately 65 percent. For investors with a development horizon, the freehold title unlocks a higher-order opportunity. Under Mombasa County's planning framework, a Floor Area Ratio of 2.5 is achievable with standard approval, permitting an 8-floor mixed-use redevelopment with gross development revenue of KES 146,740,000. A Joint Venture structure is available for land owners who wish to participate in development upside rather than exit at KES 65 million — PROAM Real Estate provides full JV structuring and developer sourcing services. Asking price: KES 65,000,000. Negotiation floor: KES 60,000,000. Exclusive listing agent: PROAM Real Estate. To request the full CMA report, schedule a viewing, or discuss JV structuring: 📞 +254 789 115737  |  +254 703 115737 ✉ info@proamrealestate.com  |  🌐 www.proamrealestate.com PROAM Real Estate — Precision. Performance. Property.