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The freehold apartment is located at the top of Queen Street, close to Universities, shops, and restaurants, everything is at your doorstep. Close to all public transport, bus stops in front of the building, All highway entrances are within a five-minute drive. The apartment has always been sought after by tenants.
The Equation:
- The current rent is $300 per week (others in the building rented up to $420 per week)
Less:
- Body corporate levy: $2,609.96. per annum & City council rate is $960.47 per annum.
Net Income:
- $12,029.57 or 12,6% return at the purchase price of $95,000.
The 508 Queen Street apartments have known remedial issues which will cost the new owner funds to fix. There is already a significant sum sitting in the body corp accounts to help pay for the project, for this unit the settlement fund is $59,808.37 plus GST. This will mitigate any future top-up.
- STRATUM IN FREEHOLD TITLE, best you can buy for apartments
- 2021 CV: $210,000
- Superb net rental returns
The owner won't wait till construction repair finishes, and wants it sold ASAP!! Their loss and your gain! Inner city apartments with no remedial issues are selling for approximately $10,000 per sqm more or less. Bring your calculator and do your numbers! If you are a cash buyer and looking for a great investment opportunity in the future, don't miss it!