[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.
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.
Napier CBD, Schools, shops, Parks, reserves, main transport routes all nearby.
Property Investment Specialist
021 847 333