Got plenty of cash in the piggy bank or super fund? Wanting a higher return? Bricks and Mortar is the way to go. We have for sale a unit complex comprising four units, details as follows:
Double brick construction, concrete slab.
Unit 1 - Three bedrooms, split a/c systems, built in cupboards, open plan living, spacious bathroom/ laundry, built in bar unit, courtyard with undercover area, single carport.
Units 2 - 4 - Two bedrooms each, assorted heating and cooling, open plan living, seperate bathroom and laundry, single carports.
New roof installed on all units.
The property is selling as vacant possession, no tenants in situ. Rental appraisals as follows:
Unit 1 - $280pw
Unit 2 - $200pw
Unit 3 - $200pw
Unit 4 - $200pw
Total $880pw, $45,760pa, 9.9% Gross Return - minus rates is 9.3% net return.
Council rates approx $1,200pa, water approx $1,600pa plus usage.
Agents Commentary - The units are dated and require enhancement to lift the rental yields. Paint work is good, floor coverings poor, kitchens and bathrooms fair condition. If a complete overhaul was to be completed ie new kitchens/ bathrooms etc the following rental appraisals would be applicable:
Unit 1 $320pw
Unit 2 $230pw
Unit 3 $230pw
Unit 4 $230pw
$52,520 PA Rental Return -
Agents Note:
1. It is highly recommended that all purchasers have pre-approved finance before booking inspections. This is a requirement for all inspections.
2. All offers are to be in writing with the terms and conditions of the offer emailed to clifford.wren@raywhite.com
3. All properties will stay on the market and all offers will be presented to vendors right up until an exchange of contract.
4. The agent is obliged to submit all offers to a vendor even though there might be an offer and acceptance between buyer and seller. This is known as gazumping and it is legal in NSW.
5. It is the responsibility of the purchaser to efficiently exchange a contract of sale, otherwise gazumping can occur.
