Dual-Income Student Rental by the University

Description

Value-add potential with this home & income in Wellington's Aro Valley – 8% Return

Price $1,190,000, GV$1,310,000

This is a character home & income property with a good yield today and loads of potential to upgrade. This city fringe property enjoys the best of both worlds, being only minutes from the CBD and Aro Village, yet just far enough away to be a peaceful place for your tenants to live.

Your tenants will enjoy the bush and views up the valley from this 3 x double bedroom, 1 x single & sleepout home. As a bonus there is a consented 1 bedroom flat beneath. The property was until recently rented as a single 7 bedroom flat at $1,820 per week, which represents around 8% gross yield on asking price.

Settlement will be vacant possession as tenants are leaving and this will give you a great opportunity for a “makeover” so you can hit next summer's rental season.

Healthy homes certificated will be provided for both flats along with a current rental appraisal.

This character home was built in 1907 and converted to 2 flats in 1925. A sleep-out was added around 2015. Much of the original features still remain, providing real character.

This opportunity will be sold “as is, where is” due to the age and unknown condition of some aspects of the property and buyers are asked to do their own due diligence with this in mind.

Further information (including LIM) and inspection opportunities available to interested parties.

Contact Peter today for more information

PROPERTY DETAILS
  • Estate type: Freehold
  • Rental status: Currently Vacant
  • Rental appraisal:
  • Floor area: 140m2
  • Land area: 362m2
  • Bedrooms: 6
  • Bathrooms: 2
  • Car parking: 0
  • Rates: $4,801.51
AMENITIES

15 minutes walk to Victoria University and a short stroll to the Aro Village shops. 20 minutes walk to popular Cuba St.

LOCATION
  • $1,190,000
  • Gross yield: 8%
  • Annual rates: $4,801.51
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ABOUT THE AGENT

Peter Ambrose

Licensed Salesperson
REAA 2008