Check out the opportunity here. Situated in the golden circle of Papatoetoe on St George Street is a premium, legal 9 room boarding house! This property consists of 9 individual self-contained bedrooms and a common kitchen and separate Laundry room facilitating all the tenants' needs. It is in a fully fenced block with tenant only access. For peace of mind, the entire site is covered by CCTV cameras for added security.
It comes with almost 4 years fixed-term tenancy with LJ Hooker through a commercial lease (the balance of an existing 9-year contract), with 2 x 6 years right of renewal, potentially securing it to nearly 16 years of stress-free income in total. This guarantees that you don't miss a day of rent and you avoid the hassle of individual tenants. All rooms and common area in each building are fully furnished with modern and comfortable furnishings by the Lessee.
The property currently generates a NET income of $90,000 per annum, which means that the tenant meets all maintenance costs, body corporate costs, insurance, outgoings.....everything. What an amazing deal!
This investment opportunity is ideal for investors who are looking for a growing and secure location. Zoned for all the right schools in Papatoetoe, walking distance to the shopping mall, handy to the Manukau CBD, MIT, AUT, Middlemore Hospital and the airport. This location ticks a lot of boxes for anyone looking to invest in this desirable suburb with a close proximity to the sports club, swimming pool, schools, shops, and motorways. Call us NOW to view to discuss!
