[SOLD] Potential 10.6% Gross Yield - Multi Income Four x 2 Bedroom Units
4-7/220 Old Taupo Road, Hillcrest, Rotorua - $476,330
Solid as a rock 10.6% potential gross yield, with room to add value.
Close to supermarket, transport and in a good area of Rotorua.
Heaps of potential here, currently seriously under rented by almost $60 p/w per unit!
Extremely tidy units constructed of concrete blocks so is sturdy and tenant proof as possible. Each unit boasts two double bedrooms with open plan living area. The interiors of the units are in good condition, the walls are painted and they appear to be in good condition. The carpet is a dark colour and appears reasonably new.
The bathrooms are tidy with a showers over a bath, two of the units have flaky paint on the ceiling however the owner has undertaken that these will be repainted.
The interiors are very tidy and rents could be improved by repainting the kitchen cupboards, repainting four wooden trims on the exterior of the building but otherwise they seem to have been well maintained by the current vendor. There has even been new aluminium joinery installed. Each unit has access to a carport area.
The units currently share a cross lease site with another 3 block of units which are owned by another vendor.
To add value to the property, a valuer has suggested that by putting the four units back on one title will reduce the rates and thereby increase the value substantially. A surveyor has indicated that this could be in the region of $5,000 -$10,000 (approx) but would need further investigation.
The four units are on separate titles and attached to each other, they are situated on a large flat section with access at the front and at the rear.
The driveway is in poor condition and would benefit from some remedial work.
These units are situated in Hillcrest, one of the better suburbs in Rotorua, across the road from New World Supermarket and has two major secondary schools nearby.
Debbie Van Den Broek
Licensed Salesperson - REAA 2008
021 131 6119