[SOLD] Potential 8.9% GY - Dual Income brick units on a large section

522 Te Ngae Road, Owhata, Rotorua - $304,466

Blank canvas ready to add value. Brick two 2 bedroom units on one title, easy care, low maintenance, great yield and handy to the shops. These will be very popular with a wide range of tenants.


Highlights:

Property Features: 2 x 2brm units

  • Price: $304,466
  • Gross Yield: 8.9%
  • Capital Value: $180,000
  • Rental Status: Unit 1: $175p/w
    Unit 2: $175p/w
  • Rent Appraisal: $480-$520
    Written Rental Appraisal available to potential purchasers
  • Annual Rates: $3,129
  • Estate Type: Freehold
  • Floor Area: 130m2
  • Land Area: 1072m2

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Additional Information

Wait no longer, with yields dropping like a stone in Rotorua this could be your last chance.

These units were recently passed in at auction because their current yield was only 6.4%. For the current rent they are getting, you would be lucky to rent a one bedroom unit - this is a seriously under rented property.

These solidly constructed brick units are ready for someone to bring them back to their former glory. The units are on one title, so only one set of rates, making your net yield a bit more attractive. There is potentially room to add an extra dwelling on the spare land (subject to council consent).

Each unit is the mirror image of the other, however, Unit 1 has both a carport and a single garage as well as dual access to the section.

Each unit is separated by a concrete carport where access can be gained to the lounge/dining/ kitchen area.

Both units look well kept from the exterior with good roofing and plastic spouting, but the interiors are tired, the most polite assessment! THEY ARE GRUBBY, right down to the light switches.

Each unit needs a complete makeover and they would be transformed.

Currently, each unit has 2 double bedrooms (one big, one smaller) with original aluminium joinery.

There is a separate bathroom with a formica shower with stainless steel base, the vanity units are in reasonable condition.

The bathroom in Unit B has a partially completed tile wall that would be quite attractive once completed. The lino is in good condition.

The open plan living area has a compact kitchen, with a good sized lounge and with a ranch slider to the exterior.

Repaint of the interiors~$6000

Carpet Clean- $300

One new bench top~$1000

New formica in one shower, a good clean in the other.

Heat pumps~ $4600

Insulation, drapes, net curtains, smoke alarms.

If double glazing was added as well these would become highly desirable places for tenants to live, being just across the road from a shopping centre, on the bus route and handy to the redwoods. With the aging population, this would be handy for the older tenant.

There is potential here for an investor willing to get stuck in and get some sweet equity here.

The exterior walls have had some spot painting, unfortunately, it was not the same shade as the original paintwork.

Outside, the garden needs a bit of a tidy up, nothing major and this is where it will come up a winner with the right landscaping. It's a big section and we are talking to the council about what can be done.

Unit 1 has a single garage accessed from Owhata Road as well as the carport.

Unit 2 Has the carport and a garden shed.

Put your mark on this and you will have a winner here, with just a little attention on the inside and these units will sparkle.

Amenities

These units are situated at Te Ngae across the road from Te Ngae Shopping Centre with a bus stop outside the door.

Handy to The Redwoods, the city and the airport.

QV Property Report 522 Te Ngae Road Owhata Rotorua.pdf

Rates File 522 Te Ngae Road Owhata Rotorua.pdf

Rent Appraisal 522 Te Ngae Road Owhata Rotorua.pdf

Debbie Van Den Broek
Licensed Salesperson - REAA 2008

debbie@ifindproperty.co.nz
021 131 6119

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Agent Contact Details

Debbie Van Den Broek
Licensed Salesperson - REAA 2008

debbie@ifindproperty.co.nz
021 131 6119

Debbie has been wonderful to work with. She was professional, thorough and has an inside knowledge about the Rotorua market. On top of this she is willing to share her extensive knowledge with her clients as she is on the side of the investor."