Property listing ID: 781623
Positioned on a sunny north facing slope this attractive double bay villa has been depositing four revenue streams into our vendors bank account for close to 30 years. Retirement and overseas travel now beckon and with that in mind we present an opportunity for a new owner to take this 'cash cow' to the next level. Reconfigured in the 1960's the villa comprises the following; • Flat 1: 4 bedroom, 1 bathroom basement flat with laundry • Flat 2: 1 bedroom, 1 bathroom north east facing flat • Flat 3: 1 bedroom, 1 bathroom east facing flat • Flat 4: 2 bedroom, 1 bathroom north facing flat • Laundry: Common laundry area • Parking: Off street parking for 4 cars (including a carport and garage) Close proximity to Surrey Crescent shops, Grey Lynn Park, Ponsonby Rd and a choice of transport routes the fundamentals are all here for a high yielding residential investment with the potential to develop further. Returning $1,780 per week there is scope to immediately improve the yield with a current market rental appraised at $2,200 - $2,300 per week ($114,400 - $119,600 per annum). As mentioned, improvements to the basement flat could further increase the return. For families seeking the dream corner site with north westerly aspect, large floor area and enough space to add a pool and garaging, converting this to one dwelling might be the cost effective answer for a large family home that you've been searching for. The generous 556m² site gives you plenty of options and you're zoned for popular Grey Lynn primary. Seasoned investors will appreciate that opportunities like this are scarce. Historically low interest rates combined with multiple income streams means someone will have to walk away as the underbidder. At the risk of regretting it for 30 years, don't let it be you! Contact Ryan for mid-week viewing times.
Listed by Barfoot & Thompson , Ryan Harding (Grey Lynn) , Matt O'Rourke (Grey Lynn)