[SOLD] Kapiti Coast Multi Income with 8%+ Cashflow

70 Toi Street, Otaki Beach, Otaki - $355,000

Here is a great opportunity to secure a multi income property close to Otaki Beach on the beautiful Kapiti Coast.

Currently configured as a 2 bedroom unit alongside a 3 bedroom unit, this property is cashflow positive from day one.


Highlights:

Property Features: Multi Income / 2 br / 3 br

  • Price: $355,000
  • Gross Yield: Potential 8.9%
  • Capital Value: $195,000
  • Rental Status: $260 p/w (Front Flat)
    $315 p/w (Rear Flat currently advertised)
    Total: $575 p/w (8.4% yield currently)
  • Rent Appraisal: $250 - $270 p/w (Front Flat)
    $310 - $340 p/w (Back Flat)
    Total: $560 - $610 p/w
    Written Appraisal available to potential purchasers
  • Annual Rates: $2,767
  • Estate Type: Freehold
  • Floor Area: 140m2
  • Land Area: 582m2

Are we close?

If this property is not quite what you are looking for, contact the agent today to discuss finding a property directly for you.

Additional Information

Here are the numbers:

  • Purchase price $355,000
  • Front flat $260 p/w (includes $3 per week from tenant for water usage)
  • Back Flat is currently advertised at $315 p/w (includes $3 per week from tenant for water usage)
  • This will return a very healthy 8.4% Gross Yield
  • Rates = $2,766.15
  • Water Supply charges = $199 per annum
  • Insurance = $1,869.60 (Current annual)

This multi-unit property is currently under property management at 8% + GST so would be an easy passive investment. It is suitable to rent as is but also some upside to increase yield even further with some improvements.

With the new motorway scheduled to start work soon, this means even better demand and access for this popular Kapiti Coast location.

We also need to disclose to you that the seller of this property is related to the listing agent and any potential purchaser will be provided with a Section 136 Disclosure form as per the REAA requirements.

If you are cashed up, ready to go and after a cashflow property, then you better contact Peter quickly.

LIM and 2014 Builders Report available to potential purchasers.

Amenities

Short walk to Otaki Beach

Close to shops, transport and schools

QV Property Report 70 Toi Street Otaki Beach Otaki.pdf

Rates File 70 Toi Street Otaki.pdf

iFindProperty Peter Ambrose

Peter Ambrose
Licensed Salesperson - REAA 2008

peter@ifindproperty.co.nz
021 225 5753

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This property is SOLD
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Agent Contact Details

iFindProperty Peter Ambrose

Peter Ambrose
Licensed Salesperson - REAA 2008

peter@ifindproperty.co.nz
021 225 5753

After 9 years of searching for a way to invest in an NZ rental property whilst in the middle east, I finally found iFindProperty. It was well worth waiting for. Not only have I now purchased my first rental property, I have gained an incredible amount of knowledge from working with a team of professional investors who have a lot more experience than myself to help me make informed and sensible decisions.

The entire team was there for me every step of the way, regardless of how many questions I asked! I feel like I have not only been introduced to an entire network of contacts, whom I hope to use going forward feel, but I have also gained friends..

Simon - expat Kiwi in Qatar

We decided to sell our much loved family home of 12 years so contacted someone whom helped us in the past, unfortunately he did not specialise in our current location and so we trusted his recommendation to Peter Ambrose.

I contacted Peter and we explained what we wanted after meeting and the rest was a blur as it happened so quickly. We found Peter friendly and easy to communicate with. His expertise was genuine and transparent, especially if there was something we needed clarified and unsure about. After first-hand experience we can now confidently and personally highly recommend Peter Ambrose and iFindProperty to others that need to go through what would normally be a stressful process of selling your property and home with ease and the least hassle.

Again, we express our thanks and much appreciation.

Ete and David

Searching for an investment property in NZ isn’t easy in a tight market and is even more difficult when you live overseas (even if it is just across the ditch!).

iFindProperty made it easy. Peter took the time find out what my requirements were and knows the local market and how it is changing. His great communication and extra help for an overseas buyer was amazing! I highly recommend Peter and the iFindProperty team as they make investing much more achievable and easier.