[SOLD] Rare Opportunity

23 Frederick Street, Waltham, Christchurch - PBN

Rare Opportunity - Great cashflow with 8 well maintained units.


Highlights:

Property Features: 8 Unit Purpose Built Complex

  • Price: PBN
  • Gross Yield: 8%
  • Capital Value: $1,080,000
  • Registered Value: $1,525,000
  • Equity: $25,000
  • Rental Status: $122,720 per annum
  • Rent Appraisal: As is
  • Annual Rates: $7,789
  • Estate Type: Freehold
  • Floor Area: 517m2
  • Land Area: 1,482m2

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About the Property

This large property consists of 1 x three bedroom, 2 x one bedroom and 5 x two bedroom units. The purpose built complex was constructed around the 1970s of mainly a combination of concrete block and vertical timber. Roofing is a mix or corrugated iron and tiles, flooring - timber and concrete with the joinery a mix of aluminium and timber.

The majority of the units are north/north-west facing and have shared driveway access along the western side of the property. The driveway has recently been re-sealed. All units have their own fenced and private outdoor area. The healthy homes bill is met with all units providing insulation and heating. Unit 7 is the only unit which hasn't seen an upgrade due to its long standing tenancy.

One opportunity upon purchasing this block is with the current vendor owning a property management company. They have offered enticing terms for continuing the management going forward - get in touch for more info on this. To date they have experienced high occupancy over the previous 10 years of ownership. The vendor says with the location being so handy tenants generally never leave or if they do it has always been quick to re-tenant.

The suburb of Waltham is situated about 3 km southeast of central Christchurch providing close proximity to the CBD. The area consists of approximately 50/50 owner occupied and rental homes.

Registered Valuation is available on request.

Amenities

Short 5mins walk to convenience shopping such as Pizza, Butchery and Postoffice/Kiwibank on Ferry Rd.

1.3km to the four avenues and 3km to the heart of the city.

20min walk or 5min drive to Eastgate shopping mall.

Rates File 23 Frederick St Waltham.pdf

iFindProperty Maxine Clason-Thomas

Maxine Clason-Thomas
Licensed Salesperson - REAA 2008

maxine@ifindproperty.co.nz
021 990 252

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Agent Contact Details

iFindProperty Maxine Clason-Thomas

Maxine Clason-Thomas
Licensed Salesperson - REAA 2008

maxine@ifindproperty.co.nz
021 990 252

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As fate would have it, I signed the Sales and Purchase agreement on the day I flew overseas for two weeks. With an eight-hour time difference, working through due diligence could have been a challenge; could have been if it wasn’t for the tireless support I received from Maxine.

She provided updates, recommendations and was always available to meet people on-site during due diligence.

Thank you Maxine, and iFindProperty for making our recent purchase possible.

Barry Deed

Maxine persevered with us investigating many properties in a very challenging market, before completing a successful purchase.

We were very pleased with her determination to find the right deal for us, in particular as we are out of NZ, and need to rely heavily on local knowledge and advice.

John & Penny

It has been a pleasure to work with Maxine on this purchase. I found her to be personable, responsive, intelligent & experienced, very helpful and available.