URGENT SALE - BLK OF FLATS IN AKL, BELOW CV, DO-UP, YEILD!!!

Listing Number:  1381
Posting Date:  24 February 2009






 
Price:$615,000
Listing:URGENT SALE - BLK OF FLATS IN AKL, BELOW CV, DO-UP, YEILD!!!
Type:Unit/Flat : Do-Up
Category:Private Sale
Bedrooms:6+
Bathrooms:3+
Region:Auckland
Site Area: 
Address: Login
Building Area:966 m2
Property Image

Description:

Don't miss this opportunity to own a whole Block of flats in Mt Wellington. The property consists of 3 x Solid 2 Bedroom Brick & Tile flats on their own titles. These units have great potential for the astute investors looking for their next investment.

The Flats are very centrally located within Auckland City, with a short walking distance to Sylvia Park. Motorways, schools and other ameneties are within close proximity. Mt Wellington is definitely an up & coming area that is changing very fast.

The flats are very under-rented at the moment. Currently the tenants are paying the following:

Flat One: $230.00
Flat Two $250.00
Flat Three: $200.00
Total: $680.00

Flat three is a very long term tenant that has been there for a long time.

On the Department of Building and Housing website the average rent for a 2 Bedroom Flat in Mt Wellington is $295.00 per week. Check out the following link:

http://www.dbh.govt.nz/Utilities/marketrent/market-rent.aspx?CategoryId=258&SubCatId=6&SubCat1Id=63&SubCat2Id=71&SubCat3Id=72&ArticleId=53&Version=1.0&TLA=Auckland&RegionId=2

This is potential Yield of 7.5%
$40k Below Government Valuation ($655,000)

The flats are very well built and solid construction but inside they are tired and need doing up. They have very good floor board that could be polished, with a lick of paint, minor adjustments & small investment the rents indicated above shouldn't be a problem.

Flat Two & Three have large areas underneath which have the potential to be developed into another bedroom & keep the existing double garage. This is subject to council approval.

Currently if you do a search on 2 bedroom flats in Mt Wellington on Trademe there are no blocks of flats for sale, only individual flats - they are very hard to come by. The prices range from $233,000 to $369,000 with the average at $288,00

We are looking for a quick sale - you can pick up this property for $615,000. This works out to be $205,000 each.

Please only serious investors apply.