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House

603 Church Street TERRACE END 4410, Palmerston North City

Sold on 25 May 2011
  • 8 Beds
  • 4 Baths
Agents

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House in TERRACE END

Exceptional Return Beats the Bank

  • 8 Beds
  • 4 Baths

Location, Presentation, Income - key words that describe this excellent holding.

The current owner has paid attention to maintenance and reaps the reward with constant income and quality tenants.

4 large units, include a mixture of upstairs and single level, all have single lock-up garaging.

  • Income $43,420 (1 unit vacant at marketing $46,020)
  • 4 two bedroom units
  • Single lock up garage
  • Spacious lounge
  • Large kitchen/dining
  • New carpet
  • Quiet surroundings - close to town

Construction:
Exterior Stucco
Roof Iron
Joinery Wood
NB: Roof and exterior of windows just been painted

Description:
Age 1960's
2 bedrooms
Separate lounge
Kitchen/dining
Large bathroom includes toilet and large shower over bath
Internal access single garage
NB: new carpet and decor throughout each unit (unit 2 new carpet downstairs only)

Legal:
Pt Sec. 609 Town of Palmerston North
CT: 6/129/79
Land Area: 1012m

Rates:
PNCC $5,000.05
Horizons $382.34
Insurance

Income:
Flat 1 $220pw
Flat 2 $200pw Will be rented at $220 per week while property on the market. Rent will increase to $230per week when marketing ceases.
Flat 3 $220pw
Flat 4 $195pw (increased to $225pw in sixty days from 18/04/2011)
Total Income $835pw ($43,420pa) $895pw ($46,540pa fully let income)

Return Examples: (on fully tenanted numbers)
7% $653,571.42
8% $572,000
9% $508,444

Building:

320m²

Land:

1,012m² / 0.25 acres

Bedrooms:

8

Bathrooms:

4

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