ROTORUA CBD MULTI UNIT RETURNING 11% YIELD NOW & APPROX 20% EQUITY!
19 Eason Street
3 x 1 bedroom units. 3 x 2 bedroom units. 1 x large 3-4 bedroom (potential) dwelling. Fantastic location! Potential to add further value with cosmetic renovation.
Additional Information: This opportunity has it all - fantastic cashflow, location, equity and the opportunity to add even more value with a cosmetic makeover to some of the units. These units present good diversification with different types of rental income available. This 1012m2 freehold site consists of two rows of units. One row consists of 3 x 2 bedroom units (with carports at the front of the street). The other row has a two storey house at the front (potentially four bedrooms) with 3 x 1 bedroom flats attached behind this. The types of construction and years built are all mixed, however the cladding is predominantly brick down one row and fibrolite the other, both with aluminium joinery. Three of the units have heat pumps, and there are also some other forms of heating and insulation. The One Bedroom Units (A, B & C): Rents per week for these range from $125 (one gentleman has been there for 9 years!) to $150 (been there 5 years) and $155. These are all under market rates for this location. The one unit I have viewed out of these three was in a tidy condition. The Two Bedroom Units (D, E & F): These are all rented for $220 p/w each.
The one unit I viewed out of these three needed the bathroom renovating and was generally 'tired'. The current rent of $220 p/w is likely to be top of the market considering they could be better presented. The Front House: The tenancy agreement says unit H. I'm not too sure where "G" has gone! This dwelling is spacious and has great light. There is a new kitchen and heatpump upstairs, with outside decks. There are two bedrooms upstairs, and I understand there are potentially two other bedrooms downstairs which have been converted from what were originally garages. I have not viewed these rooms and I understand there are some consent issues with them which a prospective purchaser will need to investigate. The tenancy agreement for this dwelling says $660 p/w, which I think may be a mistake as I been advised the total weekly rent is $1425 which would mean the house should be renting for $335 a week. ...please keep an eye on this property on ifindproperty.co.nz as I obtain clarification on this : ) These properties are currently all being managed by the owner. I have another property manager visiting this week to provide a market appraisal which I will also upload once obtained. I have copies of all the tenancy agreements and chattels lists which are available to prospective purchasers. A registered valuer has also visited this block of units. Based on the limited number of units that were able to be viewed at the time, an approximate market value of $780,000 - $810,000 has been indicated. If you are at all interested in this property, please contact us ASAP at firstname.lastname@example.org or go to ifindproperty.co.nz for more information or to view more images. All 'I Find Property' Buyers Agents are licensed by the REAA (Real Estate Agents Authority 2008).
|Rooms:||12 bedrooms, 7 bathrooms|
|Area:||House area: 480 sq. m, Land area: 1012 sq. m|
|Rates:||$5,174 per year|
|Rent:||Currently tenanted, $1,425 rental per week|
|Web site:||Click here »|
|Company:||I Find Property|
|Email:||Contact the seller »|