10% YIELD IN GREAT LOCATION

Listing Number:  1015
Posting Date:  16 May 2008






 
Price:$224,000
Listing:10% YIELD IN GREAT LOCATION
Type:Unit/Flat : Do-Up
Category:Assignment
Bedrooms:
Bathrooms:2
Region:Bay Of Plenty
Site Area: 
Address: Login
Building Area:736 m2
Property Image

Description:

This property is in the most desirable area in Kawerau and is within walking distance of the town centre and all forms of schooling. Two incomes from 2 x large 3 bedroom flats.
14a and 14b Hinemotu St, Kawerau.

Purchase Price: $224,000 incl finder's fee

Rental Assessment: $435 - $445 p/w as is ($450-$470 minor reno)

Rates: $1205.81 ea
Cap Val (2006): $208,000 (104K each)


Property in two titles each having a 1/2 interest share in 736m2. Sections around both properties are fully fenced.

There are two garages, one for each flat. Both are fully permitted

Construction of the house is brick with wooden joinery.

The kitchen, dining and living area are open plan in each of the units. Both have fireplaces and polished floors.

Separate bathroom and toilet. Both units have a shower above the bath.

Each unit has a private outdoor area and a concrete deck. The rear unit has had an internal wall removed in the living/dining area which creates great indoor/outdoor flow. Subsequently, a higher rent can be achieved for this unit. (unit A = $210-$215, unit B = $225-$235). Unit A could also achieve the same rent if similarly opened up.

The exterior of the property is immaculate; this property has been owned and lived in by one family for 18 years. Currently a door sized gap exists between two bedrooms walls which connect the two flats. This will need to be reinstated to allow separate rental. Both flats have separate power connections.

The property is in close proximity to Bell Street which is the most sought after street in Kawerau. It is also very close to the best primary school, hence rental accommodation in this area is popular.

Comparable listings:

62 Bell St - 300K: 4 bedroom, 1 bathroom, fully renovated. 1 garage and carport

8 Mawake Rd 280K 2 houses on one title. 3 bedroom fully renovated, 2 bedroom new condition. 280K (less desirable area)

Kawerau has a population of around 7600.

Its primary industries are pulp and paper mills. In 2007 Mighty River Power commenced construction of a huge geothermal plant which has drawn approximately 200 workers to the area.

The average house price for Kawerau is 156K and there is a strong demand for rental accommodation. The average three bedroom house in Kawerau rents for $188 per week:

http: www.tenancy.govt.nz market rent?Location=Bay%20of%20Plenty%20 %20Kawerau

Kawerau is fast becoming a place for people to retire; many of the enquiries for property are from older people looking to move to the area.

Kawerau has some of the consistently warmest temperatures in NZ, the best drinking water in the country, and the only free heated public swimming pool in the North Island!

It has easy access to lakes, beaches, forest, business and local cities.

For more information about Kawerau click here:
http: www.kawerau.co.nz


Please contact me if you would like any more information or photos.





Additional Documents:

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Description: Rental Appraisal
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