Vendor Willing to Take a Loss
But you won't, with a potential $50,000+ Gross Annual Rental Income! This cash cow will suit astute investors or developers looking to optimise the land potential, get your calculators out, and do the maths now!
On this 931 pancake flat section is a HOME and INCOME, so that's TWO HOMES ON ONE TITLE.
The first house was established in 1962 at the rear of the section, full of timber accents and features like: polished wooden floors, high stud ceilings, traditional timber windows for charm and a large fireplace. It has three double bedrooms, a lounge, combined kitchen & dining, separate bathroom, WC & laundry room, plus a double carport at rear. Currently tenanted at $550pw (or $28,600pa) and contented tenants wish to stay on.
The second house (1963) is central on the section, also with timber accents, 60's character and two double bedrooms. It offers a practical kitchen, open plan living and dining and a combined bathroom. The northerly deck overlooks the large front yard. It was tenanted at $430pw ($22,360pa), a rental appraisal is available on request.
In the very front is a nice patch of land, that it seems was intended for a third house but the dream has been left for you to complete. It is a north facing & sunny site of 200sqm approximately, design a new 2 level home here or simply relocate another character home again?
Near all the amenities of vibrant Lincoln Road, but cleverly positioned in a quiet street. It is Zoned as Mixed Housing Suburban, with underground services nearby. There is River Park Reserve & playground just around the corner, only a stone throw to Mitre 10 Mega and the Biggest Pak'nSave in the West, and only a shoot zoom to highway 16 and 18.
Make no mistake there is work required here, but your options bring rewards. An astute developer would "Buy to Hold", or "Develop then Hold" or "Develop and Sell three separate titles", or if your vision is greater, then bulldozing and starting from scratch is possible.
Viewing by appointment only, please give plenty of notice if interior inspection is required. Be quick, it must be sold and vendor is willing to take a loss.