Multi-Income in Growth Location
2/ 1-3 Easton Park Parade, Glenfield, Auckland - $925,000
2 legally consented dwellings on one title in a growth location of North Shore.
About the Property
Located in desirable Glenfield on Auckland's north shore, legally consented dual income properties like this are hard to find.
Upstairs: Open plan living/dining with updated kitchen and lots of light. Good decking off the lounge and opportunity to create more. There are three bedrooms, all with built in wardrobes and this home has a modern bathroom. Separate laundry with back door access. New carpets throughout.
Downstairs: This is a small two bedroom unit which would be easy to update and add value to. It has new carpets and an attractive kitchen, however I can make a number of suggestions to add value here. The current tenants will have been given notice so the purchaser will be able to get straight in and make improvements.
It would be easy to improve the street appeal of this property with some basic landscaping. There is also the ability to create good indoor-outdoor flow with both properties which has not yet been utilised.
If you modernise the lower bathroom, install ducted fan and a good coat of fresh paint throughout (top flat too) the rent achievable would be:
- $440 p/w for the lower 2 bedroom flat
- $560 p/w for the upper 3 bedroom flat
- Combined rental income is $1,000 p/w
Crunching the numbers: we have ascertained that at 100% lending this property is cash-flow neutral (or close to it - depending on your interest rates it could be cashflow postive). The North Shore has shown itself to be one of Auckland's best capital gains locations. Time will be your friend here...
Glenfield College is about 700m down the road so very convenient for potential tenants with kids.
Manuka Primary is about 130m down the road also.
Glenfield mall and supermarket is about 1.4km which is 18mins walking or 5min drive. So convenient for potential tenants.
Licensed Agent - REAA 2008
027 486 6146