Are you looking for Cashflow, Equity and Development Potential ??
This property ticks all the boxes …. Massive Cashflow property on the market after major renovation.
This property used to be a 24 bedroom retirement home its under gone a massive renovation and is now:
5 bedroom family home with two bathrooms PLUS 10 bedroom rent by room property with 3 full bathrooms
– Cashflow positive by $1,115 per week or $58,020 per annum **
– $114,000 Equity
– Development and Subdivision Potential with 1,997m2
The 3 most requested elements all in one property:
This property is being sold at $114,000 below its current valuation, additionally there is massive upside to add further value in the deal so keep reading.
This is the greatest part of this deal.
INCOME $2,115 pw (Currently)
Price $1,299,000 — Assuming you pay a 20% deposit to purchase the property and fund the rest at 5.0% and fix it for the next 3 years. Your repayments would be $999 making it Cashflow positive by $1,115 per week or $58,020 per annum without doing anything else to the property. ** based on 80% lending @ 5%)
3. Subdivision and Development Potential
Additionally there are 3 garages onsite and a 70sqm watertight shed for storage which adds to the income.
Garage 1: Fully built and on a concrete pad
Garage 2: up on chocks and needs a pad laid for it.
Garage 3: Second hand kitset that needs a pad.
Shed, complete, clean and empty. Could be great for household or commercial storage.
These 3 garages and shed alone when set up will generate another $11,440 per year in passive income and theres room for another 5-8 garages onsite.
With the building being 350m2 and the site being 1,997m2 you can imagine this property has a massive back yard.
Survey plans are available showing the field to the rear of the site can be subdivided “as of right” allowing you to create a 566sqm section that would easily support a 3 bedroom house. ** Plans and drainage report are available upon request.
Site’s such as these value at $250,000 in this location and 3 bedroom house’s over the back fence of this site sell for between $500k and $600k. The rear section once developed would be far from the road and could be a really nice family home away from the rest of the site. An agents appraisal of completed value of a 3 bedroom home on this site start from $625,000 depending on fit out.
This property once fully realised should be worth $2,225,000.
Price $1,299,000 negotiable
Rental: $2,115 pw or $110,000 pa
Gross Yield: 8.5%
Cashflow Positive: $1,115 per week or $58,020 per annum
Construction: Timber with Galv Roof
Property is well insulated and there is 2 heat pumps.
If you would like further information or would like to discuss this property please contact us on details below.
Email or call me and have a chat about it firstname.lastname@example.org
Mobile: 021 182 6547
Phone: 09 215 6202
- Upper Hutt, Main Road
- Valuation or CV
- Gross Yield
- Rental Income
- Land Size
- Dwelling size
- Cashflow Positive
- $1,115 pw
- Property ID