24-26 Francis Street is an ideal property for those buyers wanting a secure rental return prior to the eventual development of the whole unit site. The property consists of 5 rental units on a large allotment 1231m2 (approx.) and frontage of 34.9m2 (approx.). It is on 2 titles and comprise 4 x 2 bedroom units and 1 x 1 bedroom unit. The leases have in the main been renewed and currently the weekly income is $745 per week.
The units are not strata titled, hence there is no body corporate.
The property is ideally situated being around 10 -12 minutes' walk to the CBD and railway station.
The gross rental return was $35,441 for 2016/2017
The expenditure for the last financial year was $11,080.74 (ex rates) which included plumbing works, lawn mowing, water usage, management costs etc. The plumbing included capital works and with closer attention to the other expenses, a better return will be realized for the ensuing year.
Vendor Statements are available on request as well as dissection of expenses.
The vendor is keen to sell as he has moved away from the area. If you have enquired previously and wish to revisit/make an offer - now is a good time.
Price Reduced to $340,000
New enquiries also welcome.
For further information, contact Bill McMahon at Ray White Traralgon, 0417312255.
