44 Woodville Street, Edgeware, Christchurch

Investment or Project

For Sale $320,000

The tried and tested house converted, always a favourite with investors.
2 x 1 bedroom flats both with long term tenants in place.

Potential to be a cash cow investment, both flats are rented at $140 per week each giving a total current income of $280 per week, allowing for huge potential and scope to renovate and reap the rewards of true market rents. A cash payout of $30,237.35 from EQC for both flats will be transferred to the new owner on settlement, giving you a helping hand to get started transforming this property; insurance is currently provided by Tower and is available for transfer.

Rental statistics for the area show an average rental for one bedroom flats at $245 per week. Each flat is fully self-contained with their own kitchen, bathrooms, heat pump and power connection.

The land area is 696sqm and is zoned Living 2 under City Council zoning, TC3 under CERA zoning and the site has been unaffected by the recent floods. The latest rateable valuation was set at $310,000 in November 2013. This would make a great project for an investor or live in one and collect the rent from the other.

Viewing by appointment only, phone or text to view.