Twinning! Entry Level Investment with Upside in Hamilton

Description

40 B + C May Street, Hamilton East comprises two 50m2, cross lease 1 bedroom adjoined units, each with a carport park and a laundry, as well as some outdoor garden and lawn space. There is plenty of room for light cosmetic improvement here and the fact that there is really very little you can buy for sub $400,000 in Hamilton - these provide great value.

Both units are being sold together price expectation is offers over the $600,000 mark for both, or just over $300,000 per unit (well under CV).

Both units are currently rented, with 40C being $380pw rent and 40B currently at $350pw rent, but will be increased to $380pw. Total rental income will be $760pw - strong yield for Hamilton. One of the tenants has been here for four years and would love to stay on.

There is ample room for upside over time with cosmetic improvement, including lining the block walls to create more warmth and kitchen and laundry upgrades, which will give both an increased future sale price and also an increased rent for you in the interim.

The units are quiet at the back and are not ideally suited as student rentals - these suit older singles and young professionals. These units are located to the new Ruakura Inland Port https://www.ruakura.co.nz which is humming already and will continue to bring lots of labour into the region, thus increasing demand for accommodation like this.

If you are looking for a split risk investment in a large centre, but have a lower budget, then this is a great option for you.

Get in touch today for more information.

PROPERTY DETAILS
  • Bedrooms: 1
  • Bathrooms: 1
  • Car parking: 1
  • Floor area: 
  • Land area: 
  • Estate type: Crosslease (Freehold)
  • Rental status: $380pw<br />
    $350pw soon to be $380pw
  • Rental appraisal:$380pw for each unit (Verbal rental appraisal - TBC in writing)
AMENITIES

Close to University of Waikato, Ruakura Inland Port and Hillcrest shopping centre.

LOCATION
  • $605,000
  • Gross yield: 6.4%
  • Rental appraisal: $380pw for each unit (Verbal rental appraisal - TBC in writing)
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ABOUT THE AGENT

Ben Meehan

Licensed Salesperson
REAA 2008