[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.


Highlights:

  • Price: $399,000
  • Gross Yield: Potential 9.6% (Currently 8.8%)
  • Capital Value: $355,000
  • Registered Value: A Registered Valuation of $400K was given in 2012 ...the market has risen recently and we are waiting for a verbal estimate from the valuer
  • Rental Status: $680 p/w (some units under-rented as very long term tenants)
  • Rent Appraisal: $170 - $185 p/w (per unit)
    TOTAL : $680 - $740 p/w
    Verbal Appraisal - TBC in writing
  • Annual Rates: $7,442
  • Estate Type: Freehold
  • Floor Area: 350m2
  • Land Area: 2324m2

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Additional Information

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.

Amenities

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.

QV Property Report 6 Hydro Road, Edgecumbe.pdf

Rates File 6 Hydro Road, Edgecumbe.pdf

Maree Tassell
Licensed Agent - REAA 2008

maree@ifindproperty.co.nz
027 486 6146

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Agent Contact Details

Maree Tassell
Licensed Agent - REAA 2008

maree@ifindproperty.co.nz
027 486 6146

If you want someone who knows what they’re doing, can use a very professional yet friendly approach, then Maree is the one. I asked her to sell one of my rentals and she did so quickly, with no fuss and got an excellent price for me.

Rob Bialostocki

Maree has always shown a very high level of integrity, transparency and flexibility and I believe iFindProperty offers great value – not only do you get a great property deal but the additional advice, assistance and recommendations make her service outstanding. I highly recommend Maree to anyone looking to start off on the right track in property, be they first timers or seasoned investors.