[SOLD] 9%+ Gross Yield Multi-Income Brick in Sunny Bay of Plenty
6 Hydro Road, Edgecumbe - $399,000
Rock solid investment in the sun in popular Edgecumbe. 4 x 2 bedroom units, well maintained and all rented on a large open site.
This is a great multi-income earner in the township of Edgecumbe in the Western Bay of Plenty. It would have to be one of the best presented "block of flats" that I have seen!
The property comprises 4 x 2 bedroom / 1 bathroom units, each with a carport. There is ample of ground for your tenants to enjoy, while fencing has been added to give each unit more privacy in the back garden.
The walls are brick and the owner has kept up with all maintenance as it has come up. Because the property is in such good condition vacancies tend to be short, two of the four tenants have been in the property for many years and take pride in the property.
Rents are between $170 - $180 p/w and that is the appraised amount. 4 x $175 p/w is a very healthy and cashflow positive 9%+ gross yield.
This property has GREAT local property management in place and that is part of the reason it is in good condition with happy tenants.
The Fonterra factory in Edgecumbe is a major local employer and the town is popular with both retirees and also people who commute into Kawerau and Whakatane as a cost-effective place to live with a great climate. The kiwifruit industry is a big local employer and Eastpak maintains a packing facility in Edgecumbe.
Whakatane is a short drive and offers all major retailers and supermarkets plus beach and boat access. Ohope with its famous golden sands is just a few minutes further over the hill.
Licensed Agent - REAA 2008
027 486 6146