Property listing ID: 800912
A rare opportunity to purchase a block of 6 units in the heart of Meadowbank, set on a freehold title of 976sqm. Comprised of 4x 1 bedroom units & 2x 2 bedroom units, this low maintenance block will appeal to an investor wanting solid returns in a well established suburb. While the new owner can immediately begin to reap a positive return, there is so much upside available. Two of the units have already been converted to a 2 bedroom configuration, conversion of the remaining units would further increase rental income. • Current rental appraisal for all 6 units combined is $140,400 per annum with a potential current gross yield of 4.0%-4.5% • Possible conversion of the remaining 1 bedroom units into 2 bedroom units, could potentially increase gross yield to around 5%. • 3 units are already renovated to a high standard • An easy "landbank" on 976sqm of freehold land in Central Auckland • Upgrades to the block have been made to prepare it for a possible sub division of the existing units, main power distribution board & all 6 switchboards upgraded for each unit. • Roof has been painted in 2019 • Explore the development potential & possibility of adding a second dwelling (pending council approval) • Healthy Homes assessment available • Concrete block & brick construction • All units currently tenanted with fantastic tenants • Tandem carparks possible for each unit • Zoned for St Thomas School (Decile 10) & Selwyn College • Walking distance to public transport (Meadowbank train station + bus stops) & the supermarket/amenities Investment blocks rarely come up in "bluechip" suburbs such as Meadowbank. Secure your future now! "Viewings are strictly by appointment, phone us today."
Listed by Barfoot & Thompson , Paul Neshausen (St Heliers) , St Heliers Residential Sales (St Heliers)