FOUR ONE-BEDROOM UNITS UNDER ONE ROOF
Offered for sale at $595,000, this established brick property comprises four one-bedroom one bathroom units positioned together under one main roof, providing investors with multiple rental income streams from a single property.
Based on full occupancy at approximately $395 per week per unit, the property has the potential to generate a combined gross rental income of $1,580 per week or $82,160 per annum. This represents a potential gross return of approximately 13.8% at the asking price, before management fees, rates, insurance, vacancy, repairs and ongoing maintenance.
Property features include:
Four existing one-bedroom units
Established brick construction
Potential combined rental income of $1,580 per week
Potential gross annual income of $82,160 when fully occupied
Off-street parking and vehicle access
Multiple rental income streams from the one property
Additional land offering future development potential
FUTURE DEVELOPMENT POTENTIAL
The property also offers space that may accommodate up to three additional units. A Local Scheme Amendment for Lot 1093 Yeeda Close received final approval in 2009, and an accompanying concept plan identifies proposed locations for Units 5, 6 and 7.
The scheme amendment and concept plan do not constitute a current development or building approval. Any future construction would remain subject to confirmation with the Shire of Derby/West Kimberley and all current planning, building, servicing and other applicable requirements.
The property will require ongoing maintenance and active management, and actual returns will depend on occupancy levels and operating expenses. However, the existing four-unit configuration, combined income potential and scope for possible future development make this a property worthy of consideration by experienced regional investors.
Further information, including tenancy details, property outgoings and the available planning documents, is available upon request.
Asking Price: $595,000
Contact Pete Burns at Hutchinson Real Estate on 0407 911 696 for further details or to arrange an inspection.
All rental and return figures are approximate, based on full occupancy at $395 per week per unit, and are provided as a guide only. Buyers should make their own enquiries regarding tenancies, operating expenses, planning requirements and the property's suitability as an investment or development.
