3 PROPERTIES: 1 HOUSE 2 FLATS 20K UNDER REG VAL, JUST REDUCED EXPIRES 7 DAYS!

Listing Number:  573
Posting Date:  10 December 2007






 
Price:$410,000
Listing:3 PROPERTIES: 1 HOUSE 2 FLATS 20K UNDER REG VAL, JUST REDUCED EXPIRES 7 DAYS!
Type:House : Subdivision Potential
Category:Private Sale
Bedrooms:6+
Bathrooms:3+
Region:Otago
Site Area:200 m2
Address: Login
Building Area:738 m2
Property Image

Description:

THE PROPERTY: UNIQUE RARE FIND

4 bedrooms plus sunroom in the bright spacious brick home. Freshly renovated with new kitchen and bathroom, many ornate ceilings, leadlight windows, open fire, and heat pump. Working coal range on wetback has been retained in the kitchen. Sunny fenced back section with low maintenance gardens. Plenty of inviting outdoor space including courtyard outside back door ideal, for barbeque area. Above average family rental home with garage. Also a good rental for a group due to multiple living spaces and outdoor sitting areas. Elevated sloping site with views to sea from some rooms. Conservative rent estimate is $320 per week.

19A and 19B are 1 bedroomed self contained units. Ideal for one person or a couple. Compact and cosy with open plan kitchen dining living space, separate bedroom off lounge area and a combined laundry shower toilet area. Updating would add value, however tidy as is. Normal rent for one bedroom self contained in Dunedin is $180 per week. Currently one flat is under rented by 2 good long term tenants who care for the section and would be likely to stay if offered father and son . Views over suburb to sea from their flat.

OPTIONS: SUBDIVISION, HOME INCOME, ADD VALUE, BUY AND HOLD

Ideal home and income. Units could be hired for short term accommodation per night for increased return if buyer was inclined to market to that demographic.

International homestay students, of which there are many in Dunedin, would return $200 per week each. A couple would double that figure. Double again when applied to both flats.

This property is very versatile so nailing a return figure precisely is impossible. It depends on the buyers intent.

An asset to any portfolio as a buy and hold. Rare find investment property in high end location.

ADDING VALUE

Subdivision is definitely possible.

A neighbour has expressed desire for shared driveway in past. Engineers advice and further discussions recommended.

As previously mentioned, an update in the kitchens and bathrooms of flats would add value as well as exterior paint. Fine and totally livable as is.

THE LOCATION

Musselburgh Rise Left should be surveyed separately to the rest of Musselburgh Rise, as the street is a culdesac with only one street side to the road, odd numbers only 17 35. A quiet posh street boasting some of Dunedins most expensive properties.

Number 19 is unique and surrounded by large, prestigious houses. This street has an average GV of $550,000. Our new registered valuation puts the market value at $430,000, which I feel is on the low side given the potential of the property. A pinch of equity for the new buyer nevertheless.

Flat 10minute walk to St Kilda beach. All amenities nearby with a supermarket and Wild Bean cafe just around the corner. Close to some of the best primary and intermediate schools in Dunedin being Tainui Primary and Tahuna Intermediate as well as many others. Parks and sports clubs very accessible including cricket, rugby, badminton, ice rink within walking distance. Only minutes away from main drag of Dunedins fast food outlets. Bars, pubs and cafes within 5 minutes drive. Very close to the peninsula road where Otagos wildlife mecca is attracting tourism in a big way. This property could be used to build a business offering accommodation and tours in this area to the right buyer now or in future.

THE SELLERS

The current owner bought to care for her sick mother and renovate. Being a landlady was never desirable. Emphysema took ma in November so time to downsize. Family trust owned so offers must appeal to solicitor. Settlement in March 2008 with prior access no problem.

Assignment fee applies.

Please note that only one flat is pictured. I had to filter over 100 pics to 20 as was! Second front flat is very similar with better views.