[SOLD] Cashflow and Two Incomes in Central Wellington
304-15 Holland St, Te Aro, Wellington - $459,000
Enjoy the security and cashflow two incomes provide, combined with the premium rent from being in the centre of Wellington City.
This is a well-appointed dual key property comprising a spacious double bedroom apartment + a studio apartment. With the strong yield and superior location it is sure to appeal to astute investors.
The location is fantastic. Situated on a quiet street and facing North for good sun, these apartments are a 2minute walk to the vibrant city centre of Courtenay Place. These apartments will appeal to city workers and students alike. If you live in Wellington and want a city "crash pad" then the rental from the other apartment will significantly substitute your mortgage.
The furnished property is north-facing and offers all the modern comforts, stylish kitchens with quality appliances, deck, open plan living, in a modern and secure building. EQC compliant and a well run Body Corporate.
Please see the relevant information below:
1. The two apartments comprise 66m2 (lending not an issue)
2. The Building was completed in the late 2000's
3. The Building is signed off by the WCC as EQC compliant
4. Body Corp Fees: $5,800 pa (Includes insurance, gas and hot water)
5. Apt 303 = $320pw, Apt 304 = $400pw
6. A chattels list and body corporate minutes are available to interested purchasers
A full cashflow projection is attached but at a high level the numbers are strong:
- PP $459,000 (includes fees)
- Rent $720 pw
- BC $5,800
- Rates $1,824
- 8.5% management
- 2 weeks vacancy
- 4.5% interest rate
100% lending shows pre-tax cashflow of $4,211 (interest only)
80% lending shows pre-tax cashflow of $8,216 (interest only) or $2,961 (P&I)
Net yield of 6.5% (after BC & rates, before management and maintenance)
The usual in Wellington is a 52 week fixed term tenancy, which would add another $1,440 in gross income each year.
Note: The images are from when the property was last furnished, two years ago.
Holland St is in the heart of Te Aro and is very convenient to Victoria University, The Basin Reserve, Cuba St and the CBD.
Licensed Salesperson - REAA 2008
021 225 5753