[SOLD] Wellington University zone with high yield and massive upside

140 Raroa Road, Aro Valley, Wellington - PBN

Here is your chance to secure this 2 x 4 bedroom unit titled dwelling in Wellington's lucrative "university zone". With no work to do, it is currently returning $1,480.00 per week with some rental upside already locked in for next year!

There is even potential opportunity to further develop the site with a conceptual drawing for another 5 bedroom dwelling. This would create even more CASHFLOW and equity. These are a concept only and requires relevant local council approvals.


Highlights:

Property Features: 2 x 4br / 1ba

  • Price: PBN
  • Capital Value: $560,000
  • Rental Status: $1,480 ($740 ea) pw until Feb 2017
    Top unit extended to Feb 2018 at $780 pw
    Bottom unit will be re-let soon
  • Rent Appraisal: $1,600 pw ($820 up and $780 down)
    Written Rental Appraisal available to potential purchasers.
  • Annual Rates: $3,397.32
  • Estate Type: Stratum in Freehold
  • Land Area: 571 m2

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Additional Information

Here is your opportunity to own a classic rental in a good location in the Aro Valley and within the “University Zone”.

The property currently consists of 2 x 4 bedroom flats, which are already unit titled. The top 4 bedroom flat is currently tenanted at $740.00 per week until Feb 2017 and then re-let until Feb 2018 at $760.00 per week. The bottom 4 bedroom unit is tenanted until Feb 2017 at $740.00 per week and will be re-let for 2017 soon.

There is potential upside rent for both dwellings with appraised rent at $820 upstairs and $780 downstairs, $1,600 per week represents a 7.5% gross yield on the offer price and great pre-tax cashflow (after rates, insurance, management, interest and maintenance).

The property is fully renovated so there is nothing to do, the pictures show a scaffold that will be removed after the last of the painting is finished. There is also off-street parking available for 2 cars, which could potentially be rented for extra income.

For those who like to maximise their return, there is a conceptual drawing prepared to build another 5 bedroom house at the front of the (steep) site the property is currently located on. This would need to get council approval, (including resource and builders consent) and would significantly improve both the cashflow and equity in this already good investment.

The 5 bedroom property would likely rent for around $1,000 per week and depending on your lender you might finance the build based on post-build valuation. Check with your broker at the time.

Viewing is by appointment only.

Amenities

Walking distance to University of Victoria and the Kelburn shops. Convenient to bus routes (or a 20-25 minute walk) into town.

Rent Appraisal 140 Raroa Road Aro Valley Wellington.pdf

Peter Ambrose
Licensed Salesperson - REAA 2008

peter@ifindproperty.co.nz
021 225 5753

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Agent Contact Details

Peter Ambrose
Licensed Salesperson - REAA 2008

peter@ifindproperty.co.nz
021 225 5753

After 9 years of searching for a way to invest in an NZ rental property whilst in the middle east, I finally found iFindProperty. It was well worth waiting for. Not only have I now purchased my first rental property, I have gained an incredible amount of knowledge from working with a team of professional investors who have a lot more experience than myself to help me make informed and sensible decisions.

The entire team was there for me every step of the way, regardless of how many questions I asked! I feel like I have not only been introduced to an entire network of contacts, whom I hope to use going forward feel, but I have also gained friends..

Simon - expat Kiwi in Qatar

We decided to sell our much loved family home of 12 years so contacted someone whom helped us in the past, unfortunately he did not specialise in our current location and so we trusted his recommendation to Peter Ambrose.

I contacted Peter and we explained what we wanted after meeting and the rest was a blur as it happened so quickly. We found Peter friendly and easy to communicate with. His expertise was genuine and transparent, especially if there was something we needed clarified and unsure about. After first-hand experience we can now confidently and personally highly recommend Peter Ambrose and iFindProperty to others that need to go through what would normally be a stressful process of selling your property and home with ease and the least hassle.

Again, we express our thanks and much appreciation.

Ete and David

Searching for an investment property in NZ isn’t easy in a tight market and is even more difficult when you live overseas (even if it is just across the ditch!).

iFindProperty made it easy. Peter took the time find out what my requirements were and knows the local market and how it is changing. His great communication and extra help for an overseas buyer was amazing! I highly recommend Peter and the iFindProperty team as they make investing much more achievable and easier.