[SOLD] Multi Income Positive Cashflow AND Add Value

41 Williams Street, Marewa, Napier - $721,500

Ticks all the boxes - location, cashflow and add value. Three flats in Marewa, Napier - cashflow positive from day one, more so after some updating, build your equity now or later.


Highlights:

Property Features: 3 bed house + garage / 2 x 2 bed flats / 1 Title

  • Price: $721,500
  • Gross Yield: Potential 7.5%
  • Rental Status: 3 Bed House - Vacant
    2 Bed Flat - $280 p/w
    2 Bed Flat - $300 p/w
  • Rent Appraisal: $980 - $1,050 p/w
    Written Appraisal available to potential purchasers
  • Annual Rates: $4,114
  • Estate Type: Freehold
  • Floor Area: 200m2
  • Land Area: 812m2

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About the Property

Main house is in reasonable original condition, appraised at $380-$400 p/w as is, has a large double garage, currently vacant. There is scope to renovate and increase the rent significantly.

Two 2x bedroom dwellings built in the 1990s to the rear of the house with their own enclosed carports, currently slightly under-rented at $280 and $300 p/w each, neutral decor throughout.

This is a solid balanced investment generating cashflow from day one, with room to add significant value with cosmetic renovation to the original main house.

With the main house you could cosmetically renovate for $35K to tidy up - update kitchen, bathrooms, carpet and paint to bring the rent from $400pw to $450-$470pw. The rear two flats need new showers, heatpumps and a general tidy up (cost approximately $6-$8K) to bring the rent up to $340pw.

Current yield, 7.4% gross, post renovated yield 7.8%. In a booming Napier market with tight supply where cashflow is fast disappearing, this property in a decent suburb close to town represents smart buying.

From the Added Valuation website:

"Marewa is a diverse suburb comprising a mix of standard residential homes, well regarded Art Deco areas and a mix of tidy and less sought-after pockets of state housing. The suburb benefits from several parks and reserves and close proximity to the Napier central business district.

The suburb experienced relatively sustainable value growth between 2010 and 2015 and has kept pace with the wider market during the current period of strong value growth in Napier."

Contact Lauren to find out more about this outstanding opportunity.

Amenities

Napier CBD, Schools, shops, Parks, reserves, main transport routes all nearby.

Lauren Worsley
Property Investment Specialist

lauren@ifindproperty.co.nz
021 847 333

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This property is SOLD
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Agent Contact Details

Lauren Worsley
Property Investment Specialist

lauren@ifindproperty.co.nz
021 847 333

We recently used Lauren as a buyer for 2 units in Hastings. It was a particularly stressful time for us as we had a lot of other things going on. Lauren was always calm, reassuring, professional and nothing was too big a problem, she assured us our questions were not silly. Lauren doesn’t take herself too seriously and we could definitely have a laugh with her along the way. Looking back we can also now see that Lauren has a good understanding of the area and property prices. We would definitely use Lauren again.