3 Carmichael Street

West Footscray VIC 3012

1161 m²

Block of units

Currently for sale - view listing

Overview

Set and Forget!

A fully leased portfolio of 12 two bedroom apartments at 3 Carmichael Street, in the heart of West Footscray. Offered as one line, each apartment is separately titled, and the whole block is leased to a single tenant for $293,280 per annum net until 2029, with 3% fixed annual increases built into the lease. For an investor, that means secure, locked-in income from day one that grows every year, in one of Melbourne's most sought-after inner west suburbs. With one tenant across all 12 apartments, there is one lease, one rent payment and none of the turnover or vacancy risk of managing 12 separate tenancies. The block has been well maintained by its long-term owners, making it about as hands-off as an investment of this size can get. Every apartment sits on its own title, which is rare for a block of this size and gives a buyer genuine flexibility. Hold the whole block as a set-and-forget income stream, or refurbish over time and sell individual apartments. With income secured and rising each year until 2029, there is time to plan the next move without pressure. The block is a short stroll from West Footscray train station and close to the suburb's excellent cafés, restaurants, Sims supermarket and the busy local shopping strip. West Footscray continues to attract renters and owner occupiers alike, with easy access to the CBD, Footscray and the wider inner west. Opportunities like this rarely come to market. Information pack available on request. Contact John Limperis on 0415 897 007 to request the lease schedule and information pack.