Nestled in the serene Frankton neighborhood of Hamilton, this well-maintained property on 11b Paterson Street is an investor's delight. Constructed in 2007 with robust brick walls and an iron roof, this residential unit boasts a level contour and a floor area of 105m2. It features two spacious bedrooms and is designed for low maintenance, providing a comfortable living environment. The property is leasehold and currently generates a net monthly income of $1,888 until the fixed lease with Housing New Zealand expires in 2027, offering secure and hassle-free investment returns. Notably, the capital value has surged by 48.7% from $390,000 in 2018 to $580,000 in 2021, showcasing a promising growth trajectory. The latest sales were recorded at $347,000 in 2018 and $305,000 in 2007, while the HouGarden AVM estimates the property's worth at $552,500.
For families with school-aged children, the property falls within the zones of Fraser High School (decile 4) and Frankton School (decile 3), ensuring access to quality education. This property not only promises financial returns but also a convenient lifestyle, being close to the CBD and educational institutions.
With a healthy homes compliance and the prospect of guaranteed monthly rent, this property presents a secure long-term investment opportunity that is not to be missed!
Updated on April 30, 2024
Address | Distance | Bed | Bath | Floor area | Sold date | Sold | Data source | |
|---|---|---|---|---|---|---|---|---|
 | 0.22 km | 2 | 1 | 90m2 | Year 2024 Month 03 Day 01 | $465,000 | Council approved | |
 | 0.05 km | 1 | 1 | -m2 | Year 2024 Month 01 Day 30 | $410,000 | Council approved | |
 | 0.07 km | 3 | 1 | -m2 | Year 2024 Month 01 Day 19 | $614,500 | Council approved | |
 | 0.09 km | 2 | 1 | 74m2 | Year 2023 Month 12 Day 15 | $430,000 | Council approved | |
0.10 km | 2 | 1 | 100m2 | Year 2023 Month 12 Day 11 | $545,000 | Council approved |