Multi-income in Great Suburb

54 Gordon Street, Avalon, Lower Hutt - $619,550

Renovate and easily add another bedroom - instant value add.


Highlights:

Property Features: 1 house with 2 flats - 1 x 2 bed and 1 x 1 bed

  • Price: $619,550
  • Gross Yield: Potential 7.1% once renovated (average 4.5% for Avalon)
  • Capital Value: $550,000
  • Rental Status: Front 2 bedroom - Vacant
    Rear 1 bedroom - $205 p/w Tenanted with a long term tenant who wishes to stay
  • Rent Appraisal: Front 2 bedroom (as is) $380 - $400 p/w
    Rear 1 bedroom (as is) $250 - $280 p/w

    Front Flat (Renovated and 3rd bedroom added) $500 - $550 p/w
    Rear Flat (Minor tidy renovation) $330 - $350 p/w
    Written Appraisal available to potential purchasers
  • Annual Rates: $3,892
  • Estate Type: Freehold
  • Floor Area: 140m2
  • Land Area: 556m2

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.

Additional Information

Opportunities with this much opportunity to increase cashflow and equity in a central location don't come up all that often. If you are looking for multi-income, opportunity to instantly be able to add value and yield, AND buy in a fantastic (mostly owner occupied), central suburb (near a large regional hospital to boot), then please take a good look at 54 Gordon Street, Avalon, Lower Hutt.

It is a solid, 1960's built, weatherboard house that is currently configured as two flats, a front flat with 2 bedrooms, 1 bathroom and a back flat with 1 bedroom, 1 bathroom.

I have a quote from a reputable renovation company to easily convert and cosmetically upgrade the front flat to a modern, fresh 3 bedroom 1 bathroom, which will rent easily in such a handy location. In the back flat there is some long term minor maintenance items to attend to and with the addition of a heatpump and some new carpet, this will lift the market rent significantly. Kelly is also able to supervise this renovation work if you are not a local Wellingtonian.

  • Top location in a fast growing city, 2km away from Hutt Hospital, 2km away from SH2 (highway to Wellington and Upper Hutt)
  • Multi-income (one flat vacant, ready for adding extra bedroom, other flat has long term tenant looking to stay)
  • Potential gross yield 7.1 % (average for the suburb is 4.5% - source QV)
  • Instantly add value and lift rental yield with adding a bedroom
  • Low maintenance especially post renovation
  • High demand area for quality tenants due to location being near all levels of schooling, hospital and shops
  • Lower Hutt city has had 21% increase in migration growth recently (source My Valocity) - demand for housing is high
  • Spend around $47,000 (quote can be provided) to fully renovate the front flat and add the third bedroom and upgrade the back flat to a better standard and gain a fantastic yield for the area and increase your overall value by at least $80,000
  • The average purchase price of one flat in Avalon is $418,000 (source QV) and you would be getting two for under $620,000

Please contact Kelly Lowe today, to register your interest in this great opportunity and find out more.

Amenities

All levels of schools within walking distance (one school in the street)

Local shops at end of the Street (including the best Fish and Chip Shop in NZ - voted 2017)

Walking distance to public transport

2km to motorway to Wellington and Upper Hutt

Central Lower Hutt location

2km from Hutt Hospital

https://youtu.be/UurYKbUd0yk

QV Property Report 54 Gordon Street Avalon Lower Hutt.pdf

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

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."