63 Thorp Street, Paeroa, Hauraki

Nestled on a spacious section at 63 Thorp Street, Paeroa, Hauraki, this freehold property offers a unique investment opportunity. Consisting of two self-contained dwellings, a 3-bedroom and a 2-bedroom, this residential rental complex built in 1900 is perfect for the savvy investor or first home buyer. The Iron roof and wooden exterior walls are in fair to poor condition, reflecting the property's need for some TLC. With a floor area of 180sqm and a land area of 892sqm, this property presents a substantial size for potential growth. The capital value remains unchanged at $460,000 since July 2021, with a zero CV increase percentage. The HouGarden AVM estimates the property's value at $442,500, while the latest sale was recorded in 1997 for $70,000.

Despite the property's age and condition, the potential is undeniable. The latest figures from Tenancy Services show a median rental of $550 for a 3-bedroom and $450 for a 2-bedroom in Paeroa, indicating a high demand for rentals in the area. The property has recently seen improvements, including a new kitchen and bathroom in the two-bedroom dwelling. With smart renovations, this property could easily outperform traditional investment returns.

For families, the property falls within a desirable school zone. The local schools are well-rated, ensuring quality education for children. This combined with the investment potential makes it an attractive package for those looking to secure a piece of Paeroa's property market.

Updated on April 26, 2024