[SOLD] Four Central City Apartments - Potential 10.4% Gross Yield plus $26K Equity
84 Ranolf Street, Rotorua City, Rotorua - $399,605
Wanting to add value to an investment?
Amazing opportunity to create 10+ % yield for a property so close to the CBD. Just around the corner from Rotorua Central Mall and next door to the church.
Four, one bedroom units situated near Rotorua's CBD of concrete block construction with some vertical panelling, aluminium joinery and a corrugated iron roof. The exterior is well maintained and appears in good condition. Each unit is identical and in varying states of tiredness!
The units are access is via the back door into the kitchen area. The kitchens are original and tidy but could be improved and rent increased with a modern kitchen installation. Currently they all have a stainless steel bench tops.
To the right of the back door is access to a laundry and bathroom areas. These are in need of a makeover as well, to add value to the rents. Currently there is a separate toilet, shower cubicle with Formica walls and a stainless steel base. Vanities are original and in need of replacement. The walls are painted but are a bit mouldy.
The lounge is open plan with the kitchen area has a small servery between the two areas. The carpets vary from very good in unit 1, average in unit 2, rose pink in unit 3 and tired in unit 4. The walls are neutrally painted and could do with a bit of a freshen up at some stage. A double bedroom leads off the lounge.
Each unit has tenants paying below market rents however they all keep their tired little places immaculately. There is currently no heating nor insulation and many tenants have had to provide their own curtains as the existing ones were rotten or torn. There is off street parking for tenants cars, should they need one
With close proximity to CBD and a compact section, these units could increase in value and rent appeal by a thorough makeover to become proper city apartments. They could possibly even be furnished to provide an even greater rental income and perhaps be put into the short term holiday rental pool.
VERY short walk, or ride on your mobility scooter, to Rotorua Central Mall, restaurants and shopping areas or jump the fence and go to church.
CENTRAL, central, central!
Debbie Van Den Broek
Licensed Salesperson - REAA 2008
021 131 6119