[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.
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.
Walking distance to University of Victoria and the Kelburn shops. Convenient to bus routes (or a 20-25 minute walk) into town.
Licensed Salesperson - REAA 2008
021 225 5753