Located at 2 Masons Avenue, Hamilton East, Hamilton, this property presents a unique investment opportunity with 8 rental flats purpose-built for residential use. Constructed in 1970, the building spans a floor area of 390 square meters on a level land area of 819 square meters. The property boasts a freehold ownership type, with the exterior walls made of concrete and an iron roof, both in average condition. This property is categorized under 'Residential - Rental flats (purpose built)', making it an ideal choice for investors seeking solid, long-term assets.
The property has seen a significant increase in capital value, from $1,250,000 in September 2018 to $2,460,000 in September 2021, marking a 96.8% rise. The latest HouGarden AVM estimates the property's value at $2,228,500. It has a history of strong sales, with the most recent sale at $1,950,000 on November 13, 2023, following a previous sale at $1,230,000 on June 28, 2017. This demonstrates a robust growth in value and a high potential for rental income, currently at $106,600.00 per annum.
The property is situated in a prime location, highly sought after for its proximity to local amenities and zoned for popular schools. It falls within the school zones of Hamilton East School (decile 4), Peachgrove Intermediate (decile 5), Marian Catholic School (Hamilton) (decile 7), Hamilton Boys' High School (decile 7), and Hamilton Girls' High School (decile 6). This makes it an attractive option for families and contributes to the high rental demand in the area.
Wāhi Tiriti | Tawhiti | Tau Rūma Moe | Tau Rūma Horoi | Rohe Whare | Wā Hokona | Utu Hokona | Pūtake Raraunga | |
|---|---|---|---|---|---|---|---|---|
 | 0.37 km | 3 | 1 | 101m2 | 2024 05 08 | $760,000 | Council approved | |
0.26 km | 3 | 105m2 | 2024 04 18 | $760,000 | Council approved | |||
 | 0.28 km | 3 | 1 | 146m2 | 2024 03 21 | $577,000 | Council approved | |
0.21 km | 4 | 2 | 146m2 | 2024 02 29 | $860,000 | Council approved | ||
 | 0.41 km | 4 | 1 | -m2 | 2024 01 31 | $735,000 | Council approved |