1/498 Armagh Street, Linwood, Christchurch

Nestled in the serene Linwood, Christchurch, 1/498 Armagh Street presents a compelling investment on a Freehold title. This residential rental property, converted into flats, boasts a floor area of 290sqm and sits on a spacious 969sqm of prime L3, TC2 land. Constructed in 2000, the property features mixed materials for the walls and an aluminium roof, both in good condition. With a total of 5 carparks, a double garage, and a single garage, this property offers ample parking and potential for further development. Each unit is self-contained with their own kitchen, dining, living room with a heat pump, and bathroom, providing a good holding income. The property's Capital Value (CV) has seen a 50% increase from $620,000 in 2019 to $930,000 as of 2022. The latest sale was recorded at $940,000 in 2024, while the HouGarden AVM estimates it at $892,500.

For families, the property falls within the decile 9 Middleton Grange School zone, along with other well-rated schools such as Hillview Christian School and Marian College. The location is convenient, being close to Eastgate Mall, The Palms Shopping Centre, and the CBD, with easy access to public transport and local amenities.

Investors seeking a secure investment with a promising rental yield and potential for growth need look no further. This property, with its 'as is, where is' status, offers a golden opportunity to add a valuable asset to any portfolio.

Updated on October 09, 2024