Block of five units

1-5/355 Worcester Street, Linwood

By Negotiation

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Block of five units | 1-5/355 Worcester Street, Linwood | 5514384 |      X Close

Block of five units

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What a great find just outside the city fringe, this large block of five has provided excellent cash flow for the current owner for many years and who is now ready to retire. The investment currently produces a return of $77,480 per annum, and does have room for growth within the rental income.

The block has good long term tenants with rents for the two bedrooms ranging from $280 to $290 and the three bedroom unit at $350 per week, all on periodic tenancies.

In summary:

- Five flats

- Four x two bedroom flats

- One three bedroom flat

- Five garages

- Income of $1,490 per week

- Five cross lease titles sited on freehold land

- Land area of 1,019sqm

- Income of $77,480 per annum

- Room to add value

- TC2 land

- RMD land (Medium Density zoned)

The interiors are in tidy condition but could still benefit from modernisation to create an apartment-style for young professionals who would appreciate the location close to the inner city and this would help to generate higher cash flow.

Sited on 1,019sqm of Medium Density zoned land, with a TC2 earthquake zoning. All EQC works are completed, however, work needs to be done to bring it to the new Healthy Homes standard.

Being located in Linwood on the fringe of the inner city makes it a perfect location for long to medium growth of your investment as well as good cash flow while you wait for capital growth.

1-5/355 Worcester Street, Linwood

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