OVER $10K NET CASH FLOW PER YEAR DUAL KEY APARTMENTS

Listing Number:  2718
Posting Date:  29 March 2016






 
Price:$502,250
Listing:OVER $10K NET CASH FLOW PER YEAR DUAL KEY APARTMENTS
Type:Apartment
Category:Purchase Option
Bedrooms:3
Bathrooms:2
Region:Wellington
Site Area:72 m2
Address: Login
Building Area: 
Property Image

Description:

This low maintenance building was completed in 2008 and consists of a two bedroom apartment and a studio apartment on the same title. It has a 72m2 floor area shared between them. Currently the fully furnished studio is rented at $330 per week but could potential be increased to $360 per week. The two bedroom is currently under rented. For the investors seeking the high yield furnishing the two bedroom is recommended to achieve up to $550 per week in peak season making a total of $910 per week or $47,320 p.a.

Annual Expenses are:

Rates: $2,026
BC Fees: $6,390
Property Management: $3,500 (estimate only)
Interest:$25,112 p.a. (100% borrowing at 5% p.a. on interest only)
Total Expenses: $37,028 p.a
Making a cash flow positive amount of $10,292 p.a.

Fixtures and Fittings are similar in both apartments. Both apartments include whiteware and the studio is fully furnished. A chattels list is available.

The property is centrally located and is within comfortable walking distance of Courtenay Place and the Cuba Street entertainment precincts, Te Papa, the waterfront, the CBD, and both the Victoria and Massey University Campuses.

Wellington is expected to have some good growth over the next 6-12 months. Get in now before its to late.