Exciting Remodel Project in Hamilton

Description

70 Dominion Road is an expansive 5 bedroom, 2 bathroom home which is unique in this location. Recently, it has been rented as a whole dwelling at over $700pw, however with the vendor instructing to sell and the tenant moving on, there is potential to convert this property into a 3 bedroom, 1 bathroom home and a 2 bedroom, 1 bathroom minor dwelling by installing a vertical firewall and converting the existing internal garage space into an open plan living/kitchen.

This conversion will bring in a total rent of $1,200pw and final yield over 7%.

The house is in fantastic condition, with extensive renovations occurring only 3 years ago. The current vendor has already explored the options of the conversion and there is strong evidence to suggest that this will be a straightforward project.

The current tenants have enjoyed living here and with rental property viewings extremely busy at present, the property manager is confident that there will be large demand for the two dwellings after the conversion.

The estimated budget for the conversion is $80,000-$95,000.

If you have been looking for a reasonably priced project in a fast growing main centre, this is not one you want to miss out on.

PROPERTY DETAILS
  • Bedrooms: 5
  • Bathrooms: 2
  • Car parking: 4
  • Floor area: 240
  • Land area: 576
  • Estate type: Freehold
  • Rental status: Vacant
  • Rental appraisal:$720pw as a single dwelling<br />
    $1,200pw after conversion (Written rental appraisal available to potential purchasers)
  • Rates: $2,679.08
AMENITIES

Close to large amounts of jobs and shopping at Te Rapa. Close to the CBD and local shopping centres in Dinsdale/Nawton.

LOCATION
  • BEO $770,000
  • Gross yield: Potential over 7% Gross Yield
  • Rental appraisal: $720pw as a single dwelling
    $1,200pw after conversion (Written rental appraisal available to potential purchasers)
  • Annual rates: $2,679.08
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ABOUT THE AGENT

Ben Meehan

Licensed Salesperson
REAA 2008