With development potential, zoned C, the property's land size of 1009m2 has the potential to hold 6 units; currently there are 4 units, with 2 freehold titles. Flexibility and capital growth is the outcome.
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If your requirements for a residential investment property are: - good cash flow - brick construction - purpose built - top location with road appeal - easy to manage - will always be in demand from prospective tenants - and has future development potential - then this could well be the property you have been seeking.
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The property comprises of 4 large 2 bedroom units, complemented with private grounds and carports with storerooms. The rent roll represents a massive $45,760 pa. With a little TLC there appears to be upside with this income. The 7.5% gross yield is on the asking price of $610,000.
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The grounds have a northerly aspect and being an easy walking commute to the hub of Rotorua CBD and amenities, public transport, and public schools, makes for an in-demand property from prospective tenants. The high demand is demonstrated by the consistently high occupancy rate with long term tenancies being the norm, thus creating a hassle-free appealing investment.
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Promptly contact the listing agent Greig Kirby to arrange a private viewing.