Multiple Tenancy - Multiple Income Opportunity
- 15 Beds
- 8 Baths
- 3 Cars
Located within walking distance of the main Ellerslie shopping centre with fantastic access to the SH1 Motorway sits this well maintained multiple tenancy property.
On offer is approximately 1482m2 of level site with road frontage zoned Mixed housing suburban under the Unitary Plan operative in part. The total building floor area is approximately 610m2.
The property consists of the following units;
- 3 x 2 bedroom units with 1 bathroom and 1 carport
- 1 x 2 bedroom unit with 1 bathroom and 1 garage
- 1 x 3 bedroom bungalow with 1 bathroom and 1 x carport
- 1 x 4 bedroom townhouse with 3 bathrooms and double internal access garage plus further off street parking
Here the choice is yours, do as the current owners did for so many years and live in the back 4-bedroom home while keeping a watchful eye over your investment and enjoy the benefit of multiple rental income from the other 5 units.
Or, simply rent all the units and reap the reward of the total annual income of approximately $161,200 (see note) with the potential to refurbish and modernise several of the units to grow the rental income.
In addition, there are multiple options to explore to add value (subject to council consent). Add a second story to the 4 x 2 bedrooms units or look at the option of potentially splitting the units into individual titles to maximise the individual values for immediate or long-term re-sale.
This property also caters for those needing extra spaces for extended family, allowing everyone to have the security and being close whilst still having spaces of your own.
Opportunities like this are few and far between.
Note - Total rental includes 4/3 Gavin Street which is currently vacant and advertised for rent at $450 pw.
Tender closes - 4pm Thursday 10th May 2018
1,482m² / 0.37 acres
5 carports, double garage, single garage