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Looking for a solid investment that offers excellent returns? Look no further than this impressive block of flats situated at 64, 64a, 66, and 66a Canada Street, Timaru. With its attractive rental income and desirable features, this property presents a golden opportunity for astute investors. This property is on two different freehold titles: One side is 64 & 64a Canada Street the other is 66 & 66a Canada Street. We can look at selling it as a whole package or split the sides.
Comprising two substantial buildings, this property offers a total of ten bedrooms, ensuring a consistent rental demand. On each side of the block, there is a spacious three-bedroom flat on the ground floor and a comfortable two-bedroom flat on the upper level.
Currently, the property generates a weekly rental income of $1520 (total), resulting in a solid gross return of 9.89% based on a purchase price of $799,000. However, the potential for even greater returns awaits. With a rent increase to $1550 (total) per week due to take effect at the end of July 2023, the returns jump to an impressive 10.12% per annum.
Situated on a generous 1204m2 section (total), the property offers ample space for tenants to enjoy. Each flat has its own established yard, providing privacy and a sense of home. Parking facilities are available on-site.
Step inside any of the flats, and you'll find a well-designed layout that includes a kitchen, dining area, and living room. The separate laundry facilities add convenience for tenants, while the bathrooms feature a shower-over-bath combination. Additionally, each flat has a separate toilet, providing further convenience and privacy.
The substantial floor area of 362m2 (total) for both sides ensures plenty of space for tenants to enjoy.
Please be aware that some information has been sourced from Property Smarts, and we have not been able to independently verify the accuracy. Land and floor area measurements are approximate and boundary lines are indicative only.