38 Gladstone Road, Parnell, Auckland

Located at 38 Gladstone Road, Parnell, Auckland - City, this substantial character bungalow offers a unique investment opportunity. Originally built in 1900, the property has been converted into 2 x 2-bedroom flats on the top level and 1 x 3-bedroom flat on the lower level. It features a total of 7 bedrooms, with the floor area spanning 337 square meters and sitting on a 685 square meter land parcel. The property is a freehold (full ownership) and falls under the 'Residential - Rental (dwelling converted to flats)' category. The exterior walls are constructed of wood in good condition, and the roof is made of iron, described as average. The property's contour is an easy/moderate fall, making it an attractive and manageable site.

The capital value of the property has seen a significant increase, from $2,225,000 on July 1, 2017, to $2,750,000 on June 1, 2021, marking a 23.6% growth. The HouGarden AVM estimates the property's value at $2,705,000. The last sale was recorded on May 16, 1997, for $675,000. This property has been a consistent and sound investment, offering excellent rental yield and potential for further development or conversion back into a family home.

Located in a prime educational zone, the property is zoned for Parnell School (Full Primary, decile 9), Auckland Grammar (Secondary, Year 9-15, decile 9), and Epsom Girls' Grammar School (Secondary, Year 9-15, decile 9). This prime location is highly sought after for its proximity to top-rated schools, making it an ideal choice for families or investors looking to attract tenants desiring quality education for their children.

Updated on March 21, 2024.