A Rare Find, 5 Units, Instant Equity, Cashflow, Potential, plus Premium Location
Totara Street, Eastbourne, Lower Hutt - $1,382,833
Instant Equity, Superior location, Good yield, Good cashflow, plus room for improvement - what more could you want?
Would you like instant equity, good cashflow, potential to improve and one of the best locations in the Wellington Region? If you are looking for a multi-income property then this one ticks so many boxes and should be top of your list.
This 5 unit property is situated in Eastbourne, Lower Hutt, a premium, relaxed, beachside, cafe-style suburb. In Eastbourne most homes are owner occupied and not many tenants can afford to live there so demand is always very high. The property has not had a vacancy in many years.
This property consists of two dwellings – The main, large house, weatherboard, built 1920’s, which houses 4 units consisting of 2x3 bedrooms and 2x1 bedrooms.
The second dwelling is a weatherboard cottage to the mid/top rear of the section which consists of 1 bedroom.
All units have views of Wellington harbour and one off street car park each.
Condition throughout both properties is fair to average, perfectly liveable as is, however over time you could upgrade kitchens, bathrooms, add heating, paint, redo flooring to significantly increase value and rents.
- Current rental income $1,790 (this is under rented in today's market)
- Rates $9,272 p.a
- GV $1,350,000
- Purchase price $1,383,000 (just above GV)
- Potential yield with rent increases to market rates 7.2%
Top that yield off with a fantastic capital growth location and room to improve as you would like over time, it really does not come much better in today's hot Wellington market. This would be a fantastic asset to add to any portfolio.
Please contact Kelly today for further information.
Walking distance to beaches, parks, primary school, cafe's, mini supermarket.
15 mins drive to central Lower Hutt
5 mins drive or bus to the ferry where you can commute directly into Wellington CBD with a 20 min ferry ride
Licensed Salesperson - REAA 2008
027 518 2448