1-4/329 Selwyn Street, Addington, Christchurch

Investment block

What a great find in Addington, this single storey block of four two-bedroom units, has provided excellent cash flow for the current owner for many years. The investment currently produces a return of $64,480 per annum, having the possibility to generate larger cash flow with interior upgrades.

The block has good longish term tenants who are all paying $310 per week on periodic tenancy agreements who would all look at going fixed term tenancy.

In summary:

- Four x two bedroom flats
- Three carports
- Rental $310 per week
- Four freehold titles
- Land area 526sqm
- Income $64,480pa
- Room to add value
- TC2 land
- Medium Density zoned

All units are on freehold titles. The units have had aluminium joinery installed (single glazed) and a new roof approximately 15 years ago, the interiors are in tidy condition but could benefit from modernisation into apartments style for young professionals who would appreciate the location close to the inner city and generate higher cash flow. The layout works well with the kitchen and living space flowing nicely and could be opened up so that it is more open plan.

Sited on 526sqm of Medium Density zoned land, with a TC2 earthquake zoning. All EQC works are completed and an insurance payout of approx. $20,000 will be transferred to the purchaser upon settlement for the drive repair.

Being located in Addington on the fringe of the inner city makes it a perfect location for long to medium growth of your investment.