Description
Better than cash in the bank
Block Of Units 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.
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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 20/11/21 @ $225pw
Unit 2/15 Quandong
Leased till 08/1/21 @ $240pw
Unit 3/15 Quandong
Leased till 08/09/21 @ $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 $1305 per quarter or $5230 per year
Water – Approx $1000 per quarter or $4,100 per year
Insurance currently with RACQ Bank – $2,200 per year (with excess set at $2500). Seek own quote.
Property Management Expenses approx. 6% per year or $3,572
Net Income Approx = $43,918
Properties are separately metered for gas, electricity and NBN.
Boundary areas shown are approx. Internal Pictures are of unit 3.
Property Features
- Block Of Units
- 5 bed
- 5 bath
- Land is 630 m²
