6G/242 Taranaki Street, Mt Cook, Wellington

Hands off Investment - No Work & Fair Returns!

Looking for a great investment where you don't have to secure any tenants? A 5 bedroom apartment with 1 carpark is now for sale in Wellington's Massey University student accommodation building known as "The Cube". A great entry level for a new property investor, no work and fair returns.

Being on the 6th floor, and facing north, the apartment gets great sun and views over Wellington Central including the harbour.

Gross Monthly Rent: $2,980.66 (apartment)
Gross Monthly Rent: $216.67 (car park)
Management Fees: -$108.86
IMF: -$78.75 (apartment insurance cover)
Body Corp: -$740.50
Council Rates: -$133.06
Net Monthly Rent: $2136.16

Massey University manages the tenancy throughout the full calendar year. They determine the income across the whole complex and divide it up each year according to the number of bedrooms for each flat so there is always a regular monthly rental payment spread over the whole year. They manage to keep the occupancy rate above 95% over the whole block. There is a very well run accommodation office with an efficient manager who oversees all supervision, maintenance and upkeep of all the units. Massey University signed a new 3 year lease term on 31st December 2019 and has advised there is 100% occupancy for the coming semester and no adverse impact from the Corona virus on students seeking accommodation the Cube.

Buyer enquiry from $395,000. That's a 9.1% gross yield, 6.5% after all expenses are paid. There is an annual review of market rents and next year the gross income is to be increased.

The accommodation block offers lots of communal space, a laundry room, a rumpus room and a common area with a pool table and TV. For more information check out Massey's accommodation websites;
http://www.massey.ac.nz/massey/student-life/accommodation/virtual-tours/wellington.cfm
http://www.massey.ac.nz/massey/student-life/accommodation/wellington/wellington_home.cfm

Viewings by appointment only.