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This three flat property located in popular Newtown has opportunity written all over it. The current rental income from a group of established tenants is $1640 pw, but a rental appraisal has further upside estimated at up to $1,850pw . This could provide a circa 9.5% gross yield, a handsome return in anyone's book. Coupled with a landlocked site (otherwise known as -154 Coromandel Street), with a bit of hard work a further dwelling is a strong possibility.
Currently:
- 1x three bedroom flat with three double bedrooms
- 2x two bedroom flats with spacious living areas and pleasant outlook
- Site with opportunity to explore building a further dwelling
The small walk up the paper road from lower Lawrence Street ensures a sense of peace and quiet when you reach the property, and the current tenants are all keen to stay on in this secluded and special part of vibrant Newtown.
With a solid return and promising options for adding further value, this is the very kind of investment property you've been waiting for. Viewings are to be had through set open home times to minimize disruption for the tenants. See you there!