A Good Place to Start or Add to your Portfolio

165A Rata Street, Naenae, Lower Hutt - Asking $319,000

Upcoming Area - Potential 7+% Gross Yield


Highlights:

Property Features: 2 brm Unit, Single Garage, Low Maintenance

  • Price: Asking $319,000
  • Gross Yield: Potential 7.3%
  • Capital Value: $225,000
  • Rental Status: $340 p/w (fixed term till Oct 2019)
  • Rent Appraisal: $420 - $450 p/w
    Written Appraisal available to potential purchaser
  • Annual Rates: $1,926
  • Estate Type: Stratum in Freehold
  • Floor Area: 60sqm
  • Annual Body Corporate Fee: $3,373

Are we close?

If this property is not quite what you are looking for, contact the agent today to discuss finding a property directly for you.

About the Property

Two units available – buy one or both

We have two units available for sale in this set of 7, in Naenae, Lower Hutt. 165A and 165C Rata St, Naenae, Lower Hutt, Wellington

Looking for a place to start your investment portfolio or add some additional units to your current holdings, within the strong market we have in the greater Wellington region.

Brick, and weatherboard exterior, with long run roofing - low maintenance exterior.

Body corporate fees take care of insurance and exterior maintenance.

Naenae (along with its neighbours of Taita and Stokes Valley) has been labelled up and coming for some time. Quite a bit of growth has happened here already with a lot of first home buyers buying here. It still has a way to go, in growth terms, to catch up to the more central areas of Lower Hutt.

There is a huge rental shortage throughout the Hutt Valley region currently due to a large number of first home buyers from the whole Wellington Region buying here and significantly reducing rental stock availability. Hence rents have risen quickly within the last year, creating good yields in a region very close to our capital city.

The current owner has looked after these units well during their ownership.

Unit A – Front Unit – only one with a garage (others have carport)

  • Asking $319,000
  • 2 bedrooms, 1 bathroom, tidy, room to up upgrade kitchen and bathroom in the future to add more value (approx $5,000 - $11,000)
  • Fully fenced outdoor area
  • Roof replaced 2013 with ceiling insulation installed in the closed cavity
  • Currently tenanted on fixed lease till Oct 2019 at $340 per week. Owner admits it is under-rented at this price
  • Rental appraisal of $420 - $450 per week on new tenancy – potentially 7.3% GY – meaning cashflow positive at 100 percent borrowing on I/O

Unit C – in middle block – carport and space for two cars off street

  • Asking $312,000
  • Tidy, 2 bedrooms, 1 bathroom
  • Fully fenced outdoor area
  • Roof replaced 2013 with ceiling insulation installed in the closed cavity
  • Currently tenanted on periodic lease at $365 per week – owner admits it is under-rented at this price
  • New heatpump
  • Dishwasher and rangehood
  • Rental appraisal of $420 - $450 per week on new tenancy – potentially 7.5% GY – meaning cashflow positive at 100 percent borrowing on I/O

Both tenants keen to stay on if at all possible.

Please contact Kelly for further details.

Amenities

Two schools in the street - one primary school and one Montessori school yrs 2-13

New early childcare centre being built 5 mins walk away

Buses on this street run to local train stations. From train stations it is 15-20 mins train to Wellington CBD

Dairy and Takeaways shop in the street

5 mins drive to supermarket

10 mins drive to large shopping mall

iFindProperty Kelly Lowe

Kelly Lowe
Licensed Salesperson - REAA 2008

kelly@ifindproperty.co.nz
027 518 2448

Contact us about this property

Agent Contact Details

iFindProperty Kelly Lowe

Kelly Lowe
Licensed Salesperson - REAA 2008

kelly@ifindproperty.co.nz
027 518 2448

Wellington Property Newsletter

Wellington property market news, stats, case studies and more, periodically delivered to your inbox.

Do you currently get iFindProperty emails?

Yes - Login and amend subscription

No - Subscribe

Registration successful!

Kelly has been fundamental in the process of locating, negotiating and closing on my first investment property. It could not have been easier!

Near-daily updates and the perspective of an experienced property investor and former property manager both put me at ease with the entire process, bearing in mind that I was several thousand miles (and numerous time zones) away and also has ended up with me having a great investment that I hope to grow into many more.

But, it doesn’t stop there, Kelly also project managed the renovations to get the property up to scratch and ready to rent. Again, perfect communication made the entire process super easy and as an experienced investor herself she was able to save me a lot of money by negotiating with local contractors on my behalf. I can’t wait to crack on with number two and hope to be able to use Kelly’s experience and connections again."