[SOLD] Tidy, Multi Income with Add Value Options, Top Suburb

73 Sunbrae Drive, Silverstream, Upper Hutt - $670,700

Location, Multi-income, Low Maintenance, Potential value add - it's all here


Highlights:

Property Features: 2 x 2 bed, low maintenance, concrete brick units in high end suburb, Value add potential

  • Price: $670,700
  • Gross Yield: Potential 7.7%
  • Capital Value: $440,000
  • Rental Status: $300 p/w
    $340 p/w
    Total - $640 p/w
  • Rent Appraisal: $430 each p/w - As is
    $510 each p/w - Upgraded each to 3 bedrooms
    TOTAL: $860 - $1,020 p/w
    Written Appraisal available to potential purchasers
  • Annual Rates: $3,575
  • Estate Type: Freehold
  • Floor Area: 170m2
  • Land Area: 792m2

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.

About the Property

Silverstream is one of the best suburbs in Upper Hutt - mostly high end homes, decile 9 primary schooling, top secondary schooling and one of the best supermarkets in the country.

  • 2x2 concrete brick units (unusual to have units in this family-home orientated suburb)
  • One title
  • 1 is very tidy, 1 could do with a minor, interior, cosmetic tidy up
  • Decramastic roof of both units could do with some minor work and a recoat
  • Both have heatpumps installed

Long-term plan would be to turn into 2 x 3 bedrooms in each by changing current dining room to 3rd bedroom. This would create $6,000 cashflow PA on 100% borrowing (with an interest only loan). We can assist in managing this any renovation work for the purchaser if required.

Numbers:

  • PP $670,700 (including IFP buyers agency fee)
  • Reno to create 3rd bedroom in both units and cosmetic tidy up of flat B and roof repairs approximate cost. $19,000 (quotes to confirm this are coming)
  • Rental Appraisal given as 2 x 3 beds at $470-$510 p/w
  • Total spend $690,000
  • GY at total $1000 rental income per week 7.5%
  • If you decide to do nothing in the short term then Rental Appraisal as is 2 x 2 beds at $410- $430 p/w
  • Total Spend $670,700
  • GY at total $860 p/w rental income per week 6.5%

Potential Bonus - you may be able to subdivide into two separate titles - Subject to council approval.

Multi-income opportunities in superior locations like this do not come up very often. These are the ones you will want to hold on to for a long time, enjoy the income and the long term gain that is likely here due to the premium location.

Contact Kelly right now, to register your interest.

Amenities

Few minutes drive or 10-15 min walk to shops, a very good supermarket, train station and all levels of schooling. 5 min drive to SH2 for commute north or south, 10 mins drive to central Upper Hutt City

iFindProperty Kelly Lowe

Kelly Lowe
Licensed Salesperson - REAA 2008

kelly@ifindproperty.co.nz
027 518 2448

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Agent Contact Details

iFindProperty Kelly Lowe

Kelly Lowe
Licensed Salesperson - REAA 2008

kelly@ifindproperty.co.nz
027 518 2448

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Kelly has been fundamental in the process of locating, negotiating and closing on my first investment property. It could not have been easier!

Near-daily updates and the perspective of an experienced property investor and former property manager both put me at ease with the entire process, bearing in mind that I was several thousand miles (and numerous time zones) away and also has ended up with me having a great investment that I hope to grow into many more.

But, it doesn’t stop there, Kelly also project managed the renovations to get the property up to scratch and ready to rent. Again, perfect communication made the entire process super easy and as an experienced investor herself she was able to save me a lot of money by negotiating with local contractors on my behalf. I can’t wait to crack on with number two and hope to be able to use Kelly’s experience and connections again."