MULTI INCOME 8.3% GROSS YIELD + 2205SQM FREEHOLD LAND WITH DEVELOPMENT

Listing Number:  2706
Posting Date:  12 February 2016






 
Price:$362,650
Listing:MULTI INCOME 8.3% GROSS YIELD + 2205SQM FREEHOLD LAND WITH DEVELOPMENT
Type:House : Minor Dwelling Potential
Category:Purchase Option
Bedrooms:3
Bathrooms:1
Region:Wellington
Site Area:132 m2
Address: Login
Building Area: 
Property Image

Description:

This property consists of 2 separate units and a large freehold land holding of 2205sqm. It features a modern 3 bedroom house with a private spacious deck and a carport. Also included a rear 2 bedroom flat with deck and carport. Both properties are on the same title and currently rented at $330p/w and $250p/w. There is rental upside by renovating the 2 bedroom flat which could potential increase to $270p/w. The numbers:

Annual Income: $330 + $250 = $580 per week x 52 = $30,160 per annum

Annual Expenses:

Rates: $2,450

Insurance: $1,500 (estimate only)

Property Management: $2,775 (8% + GST of rents)

Interest: $18,133 (100% borrowing at 5% p.a. on interest only)

Total Expenses: $24,858

Making a cash flow positive amount of $5,302 per annum

We are currently obtaining a quote from a surveying company about the possibility of subdividing the site and or unit titling the current units and will provide this information to serious buyers.

The Wellington region has been showing very strong growth in the past 6-12 months.

Get in now before itís too late.