Four Central City Apartments - 6.7% GY
84 Ranolf Street, Central, Rotorua - $741,100
Amazing opportunity to own a property so close to the CBD. Just around the corner from Rotorua Central Mall.
About the Property
Four, one bedroom units situated near Rotorua's CBD of concrete block construction with some vertical panelling, aluminium joinery and a corrugated iron roof. The exterior is well maintained and appears in good condition. Each unit is identical and all in reasonable condition.
The units access is via the back door into the kitchen area. The kitchens are original and tidy but could be improved by repainting the kitchen cupboards. I have seen similar units that have had white paint on the walls and dark blue cupboard fronts and internal doors and the results are spectacular. (DIY White paint, Blue Paint $1,000).
They all have tenant proof stainless steel bench tops.
To the side of the back door is access to a laundry and the bathroom area. Currently there is a separate toilet, shower cubicle with Formica walls and a stainless steel base, these are in good condition. Vanities are original and would benefit from upgrading (approx $200 per unit).
The lounge is open plan with the kitchen area and has a small servery between the two areas. The carpets vary from average to good in units 1 & 4 and new in units 2 & 4. The walls are neutrally painted and a couple of units could do with a bit of a freshen up. A double bedroom leads off the lounge.
Each unit has tenants paying below market rent, however most keep their units immaculate. There are heat pumps installed in each of the units and Insulation is unable to be installed.
There is off street parking for tenants cars, should they need one.
With close proximity to CBD and a compact section, these units could increase in value by a cosmetic makeover (see above) or go completely modern with new kitchen & bathrooms ($20,000 per unit). Either option will increase the rent. They could possibly even be furnished to provide an even greater rental income and perhaps be put into the short term holiday rental pool.
Each unit is on a separate title so is able to be sold off individually if required in the future.
VERY short walk, or ride on your mobility scooter, to Rotorua Central Mall, restaurants and shopping areas or jump the fence and go to church.
CENTRAL, central, central!
Debbie Van Den Broek
Licensed Salesperson - REAA 2008
021 131 6119