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?


Highlights:

Property Features: 2x3 br units + 3x1 br units

  • Price: $1,382,833
  • Gross Yield: Potential 7.2%
  • Capital Value: 1,350,000
  • Rental Status: $1,790 p/w (5 units all tenanted currently with periodic tenancies)
  • Rent Appraisal: $1,925 p/w - Verbal
    TBC in writing
  • Annual Rates: $9,273
  • Estate Type: Freehold
  • Floor Area: 370m2
  • Land Area: 921m2

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

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.

Amenities

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

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

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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."