15 Quandong Street, ASHGROVE QLD 4060

Better than cash in the bank

House Sold - ASHGROVE QLD

We present a wonderful opportunity to acquire a cash flow investment in the blue-chip suburb of Ashgrove QLD generating a total annual income approx. $1,135 per week or $59,020 per annum.
Potential options could be –
• Land bank and hold with approx. $59,020 per year current annual income.
• Update the unit interiors to increase rental return by approx. $50 per week each
• Raise the floor level to add car parking under the building and if combined with interior renovations could add around $100 per week of income, subject to council approval.

Accommodation – 5 X 1 Bedroom units on single title.
Land Size – 630sqm
Land Valuation as at 30 June 2019 – $570,000

Income –
Unit 1/15 Quandong
Leased till 20/11/20 @ $225pw

Unit 2/15 Quandong
Leased till 08/1/21 @ $240pw

Unit 3/15 Quandong
Leased till 09/03/20 @ $230pw

Unit 4/15 Quandong
On periodic lease @ $200pw

Unit 5/15 Quandong
Leased till 23/10/20 @ $240pw

Total annual income approx. $1,135 per week or $59,020 per annum.

Rates – Approx $1255 per quarter or $5020 per year
Water – Approx $1000 per quarter or $4,000 per year
Insurance currently with RACQ Bank – $2,200 per year (with excess set at $2500).
Property Management Expenses approx. 6% per year or $3,572
Net Income = $44,228

Properties are separately metered for gas, electricity and NBN.

Boundary areas shown are approx. Internal Pictures and virtual tour are of unit 3.