$140K BELOW VALUATION, BLOCK OF 8 FLATS, FULLY TENANTED, NAPIER

Listing Number:  252
Posting Date:  16 September 2007






 
Price:$1,520,000
Listing:$140K BELOW VALUATION, BLOCK OF 8 FLATS, FULLY TENANTED, NAPIER
Type:Unit/Flat
Category:Private Sale
Bedrooms:6+
Bathrooms:3+
Region:Hawkes Bay
Site Area:1687 m2
Address: Login
Building Area:760 m2
Property Image

Description:

Valuation $1,660,000
Purchase Price $1,520,000
$140,000 below Valuation and fully tenanted.


Block of 7 x 2 bedroom and 1 x 1 bedroom flats in excellent condition, walking distance to Taradale shops. Taradale is a top Napier suburb, so these flats are in an excellent capital gain location.

All on INDIVIDUAL freehold titles, so they could be sold individually immediately.

The flats were constructed in the 1980ís of concrete block with tile roofs and aluminium joinery throughout. Each flat has a garage and carpark on site.

Flats 1, 4, 5 & 6 interiors have all been fully renovated in the last 12 months with new interior paint throughout, new carpet and vinyl, and new curtains. The kitchen cabinets/countertops were replaced, where needed. Flats 2, 3, 7 & 8 are in above average condition.

Flats 1-4 are on power meters and flats 5-8 are on easy-power swipe cards.


Current Rents:
Flat 1 - $220 (renovated)
Flat 2 - $200 (long term tenants)
Flat 3 - $200 (long term tenants)
Flat 4 - $220 (renovated)
Flat 5 - $180 (renovated 1 bedroom)
Flat 6 - $220 (renovated)
Flat 7 - $220
Flat 8 - $200 (long term tenants)

Current market rent in Taradale for 2-bedroom flats is $240/week


Valuations:
Flat 1 - $220K (renovated 12 months ago)
Flat 2 - $215K
Flat 3 - $215K
Flat 4 - $213K (before fully renovated 4 months ago)
Flat 5 - $178K (before fully renovated 3 months ago)
Flat 6 - $207K (before fully renovated 2 months ago)
Flat 7 - $208K (before repainted inside 2 months ago)
Flat 8 - $210K