506/60 Market St, Melbourne, VIC, 3000

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Melbourne

For Sale

506/60 Market St, Melbourne, VIC, 3000

$225,000

49 m²

Apartment

•

6 days on the market

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What's around 506/60 Market St

49m2 Apartment Only $225k!

You can't build this apartment for double this price. Incredible value - so far below replacement cost it's incomprehensible. Enter the apartment and you find a wide entry hall perfect for a home office and storage area. There is an oversized bathroom with disability access shower. Walk through to the main living area which is very substantial in size and overlooks Market Street. The living zone includes a kitchen, generous dining area, living area and spacious bed area with built in robe. Why is this apartment only $225k you ask? It is leased to Oaks on Market Hotel for 5 years (lease expires August 31st 2031). The downside of this is that this property is for investors only for the next 5 years. The upside is that there's a guaranteed rental return which is yielding close to 7% net per annum, it's a set and forget rental paid into your bank account each month no matter what, and there's built in CPI rent increases annually which means 7% today could be 8% in only a few years time. The most attractive part of this opportunity is the upside in the property value in 5 years time when the lease expires. Or if you'd prefer to hold longer term rather than cash in on the value uplift, then you'll have to option in 2031 to move in, lease out privately or potentially renew another 5 years with Oaks. The choice is yours! Rent Income $16,604pa less Owners Corp Sinking Fund $2,000pa NET RENT = $14,604 *note there is a temporary additional sinking fund levy of $732pa until 2028 Oaks (tenant) pay the council rates, water rates and owner corp admin fund fees under lease agreement! enquire for more information