澳洲Australia property Unit Block for Sale | Sydney
Hi, as a longtime poster, we have a potential sale:
Block of 4 x 2 bedroom units in Dubbo on one title:
Flat 1 – renovated 2009 – new kitchen, floor coverings, paint – currently rented for $140.00 per week.
Flat 2 - $100.00 per week
Flat 3 - $95.00 per week
Flat 4 - $95.00 per week
Seems from the survey information to have been constructed in the mid 70’s – say 1973 or slightly after. Concrete besser block type construction, tile roof.
The renovation of Flat 1 cost about $12,000 so the increased rent would give a payoff in 6 years.
Some carports could also be erected (STCA) in the driveway giving other potential for rent increases.
Why did we buy – multiple streams of income, good return on investment.
Why are we selling – basically to wind up a partnership. I own this and other investments in partnership with a sibling. We are on good terms, but due to changes in our family circumstances eg marriage, children we want to simplify our structure and reduce the possible involvement of third parties if something happens to one of us. We are not desperate or dateless sellers – nor are we divorced, dead, debt ridden or any of the other D’s.
Why is this a good investment to consider? Good return on investment (one rate bill, no strata fees), multiple income streams reducing risk of financial stress from vacancies. Potential upside in both rents and value from renovation of remaining flats.
A google maps link to the unit block in Dubbo I have just listed for sale with Anthony Chapman of Western Plains Real Estate
Do you have a price you're gunning for? Are they all tennanted? Are there any major repairs needed?
$330,000. All tenanted. Nothing I am aware of
that's a current 6.5% yield gross?
no depreciation to think of, other than flat 1's reno.
renovations would add yield and depreciation, along with the carports, maybe a quick cosmetic reno as well.
what are the council rates and BC fees?
Council rates are about $2500. No body corporate - not strata titled
oh of course! helps if you READ the post, Aaron....
Do you have any pictures you can post?
Can't find it on rea.com or agents website. can you post a link?
Block of Units in Dubbo
Do you know if it is possible to strata title these units?
I would be very interested in this block if this was possible,
Just an update. We settled today. Price obtained was $322,000. Local buyer.