Property listing ID: 4110216
A rare opportunity to acquire a fully tenanted 19-unit apartment complex on a 1,674m² Freehold site in one of Auckland's most tightly held inner-city locations. Positioned on the doorstep of Basque Park, and within a short walk of Ponsonby and the redeveloped Mt Eden CRL station, this property delivers established, reliable income streams from a modern, well-maintained, and easily managed property. The well-appointed complex comprises 18 one-bedroom and one two-bedroom apartments across two buildings, with 23 on-site car parks. All 19 partially furnished units are self-contained and tenanted, with historically very low vacancy and long-term tenants. The property generates a gross rental income of $448,240 per annum, averaging $453/week, with a net operating income of approximately $381,056. The Business – Mixed Use zoning currently permits construction up to 18 metres, with the proposed Plan Change 120 seeking to lift that ceiling to 50 metres. A previously explored subdivision scheme identified a 721m² surplus of land as a possible development opportunity for the future. KEY FEATURES: • Strategic 1,674m² Freehold site in Business – Mixed Use zone • Modern, well-constructed, and maintained building • 19 fully tenanted apartments generating $448,240 gross rental per annum • Net income of approximately $381,056 • 23 on-site car parks • Current 18m height limit with potential uplift to 50m under PC120 • Previous subdivision scheme identifying a 721m² surplus development site • Near Basque Park and easy walking distance to Ponsonby and Mt Eden station This is an excellent "bottom drawer" property – contact the listing agents now for further details.
Listed by Barfoot & Thompson , Rohit Khanna (City Commercial) , Cam Paterson (City Commercial)