Kitchen
Beds
2127sqm Block with 2 two bedroom units and 11 One-Bedroom Units + Development Potential
Property Highlights:
? 2041sqm block on one title
? 13 well-maintained, fully tenanted units
? Private car parking for all units
? Impressive rental income of approx. $200,000 per year
? Zoned for potential large-scale apartment development (STCA)
This is a rare opportunity to secure a high-yielding investment property with strong rental returns, offering immediate cash flow and significant development potential. Situated on a substantial 2041sqm parcel, the property features 13 individual one-bedroom units, each complete with its own parking space, making it a desirable option for tenants and investors alike.
The property currently generates an annual rental income of approximately $200,000, thanks to existing long-term tenants. However, based on today's rental market, the potential rental income is estimated to be around $300,000 per year. This asset offers a stable return, with an approximate gross return on investment of 6.5% (potentially), but its true value lies in the potential to develop a large apartment complex (Subject to Council Approval).
Perfect for astute developers or investors looking for a property that combines current income with future growth potential.
Don't miss this exceptional opportunity!
Address | Distance | Bed | Bath | Floor area | Sold date | Sold | Data source | |
|---|---|---|---|---|---|---|---|---|
 | 0.02 km | 3 | 2 | -m2 | Year 2024 Month 12 Day 02 | $488,800 | Council approved | |
 | 0.16 km | 3 | 2 | -m2 | Year 2024 Month 10 Day 15 | $420,000 | Council approved | |
 | 0.03 km | 1 | 1 | -m2 | Year 2024 Month 10 Day 06 | - | Council approved | |
| 0.03 km | 2 | 1 | -m2 | Year 2024 Month 08 Day 26 | - | Council approved | |
 | 0.08 km | 3 | 2 | -m2 | Year 2024 Month 08 Day 16 | $810,500 | Council approved |