They say you can't sell potential, but take a look at this!
This Queenslander-style multi-unit dwelling sits on a 1,459m2 allotment on the corner of Basalt and Constance Streets in Mareeba. Previously known as the Water Tower House, it is made up of four 2 bedroom units.
The four units vary in size and condition but each of them has 2 bedrooms and 1 bathroom, each have kitchens and there is a separate, detached laundry block for use by all tenants. Units 1 and 4 are slightly larger and unit 4 has just been given a quick makeover.
Overall the complex needs some work, which is indicated by the asking price, but would be perfect for someone with some additional funds and a good helping of elbow grease! Just imagine, even at the current rent return, this unit block could be a cash cow into the future, you can already see the potential!
Currently three of the units are on fixed term 12 month leases and one has been vacated to enable the renovations. All return slightly different amounts as follows:
Unit 1: $300 (12 month lease to 15/11/26)
Unit 2: $280 (12 month lease to 27/09/26)
Unit 3: $290 (12 month lease to 01/11/26)
Unit 4: Asking $330 (about to be re-advertised)
With a projected $1,200 per week of income, you can rest assured that the returns are healthy! The Council rates are approximately $6,800 - $7,000 half yearly.
Just a short stroll to the Mareeba Square shopping center and Coles Supermarket, and just minutes to the Schools and CBD, this is a prime location which ensures these units are only ever empty by choice.
Features Include:
- Four 2 bed, 1 bath units
- Varying in size and condition
- All have kitchens and bathrooms
- Separate detached laundry facilities
- Complex needs some work
- Currently returns $870 with 3/4 units occupied
- Total projected rent soon to be $1,200 per week
- Rates approximately $6,800 - $7,000 half yearly
- Potential plus!
If you are looking for a property that will allow you to not have to lift a finger, then this probably isn't the right property for you.
On the other hand, if you are prepared to get some work done and add some value, then don't hesitate, contact EXCLUSIVE agent Remo Esposito on 0401 969 473 or email remo@crmareeba.com today!
