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508/471 Little Bourke Street

Melbourne VIC 3000

1
1
Apartment
Currently for sale - view listing

Overview

MEGA 7.8% NET RETURN WITH LONG TERM TENANT

Investors Dream! Fantastic Positive Cash Flow Opportunity 7.8% Net Return! Facing north and overlooking Little Bourke St in the heart of the legal precinct, this very spacious 72m2 apartment is securely leased until 2029 to Panache Hotel Group, with 4 x 5 year options taking the total potential lease term out to 2049. The apartment features an entry hall, oversized bathroom with separate shower and bath, generous and light filled open plan kitchen/living/dining area, and very large master bedroom with BIR. Annual Rental = $32,467.80 with annual 3% increases (and market review each 2.5 years) Annual outgoings: OC admin fees - paid by tenant OC Maintenance fees - paid by owner $2,500pa Council rates - paid by owner $1,481pa Water rates - paid by owner $850pa (approx) Water consumption - paid by tenant total outgoings = $4,831pa Net rent = $27,636.80 (circa 7.8% Net Return!!) The building has a gym, sauna, lobby/reception, and an excellent restaurant & bar. Inspect by Private Appointment

Features

1 bedroom
1 bathroom
Apartment

Property history for 508/471 Little Bourke Street

2023
Sold
$345,000
07 May 2023 by Ofer Rotkopf, of Pagan Real Estate

Happy sellers in Melbourne

84%
84% of sellers in Melbourne reported that their sale price either exceeded or met their price expectations.

Melbourne stands out for consistently delivering exceptional satisfaction and strong market results for homeowners.

This is based on voluntary sentiment collected from 133 reviews in Melbourne over the last 12 months.

Local market activity for 1 bedroom apartments in Melbourne

In the last 12 months, 581 one-bedroom apartments similar to 508/471 Little Bourke Street, have been sold.

This represents a 14% increase in one-bedroom apartments sales when compared to the previous 12 months.

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