Land Bank with Good Return. 90m2 Akl Central $850K
Block Of Units Sold - Otahuhu Auckland
Attention: Land Bankers, Buy & Hold and Ad Value Investors
Home and Income in the heart of Otahuhu Town Centre.
Price: $850,000 (Agents please remember to ad your fee to this price)
Marjorie Jayne Crescent, Otahuhu, Auckland City.
Character villa split into 2 large legal flats on the same title.
Unit 1: A large two bedroom unit that could do with a light ($25k) reno.
Rental appraisal as is: $440p/w
Rental appraisal after light reno: $500p/w
Unit 2: A large one-bedroom unit that has had a full reno. Nothing to do here.
Rental appraisal: $370p/w put a mobile sleep-out on the property and get another 60 bucks a week
Part of the street is commercial and this part is residential. You could fence the back yard and rent it out as a storage yard. Another 60 bucks a week and the list goes on….
Total Land Area: 969m2
Floor Area: 140m2
Car parks. Loads
Wall Material: Weather Board
Roof Material: Iron
The location of this property is within easy walking distance of the Otahuhu town Centre. So close to shops & public transport. This is a great Location.
This is a high returning property for this area as the normal return in Otahuhu is only normally between 2% & 4%, the same as the rest of Auckland Central.
The other long term advantage I see in this property is in land banking the 950m2 of flat land. Don’t get to excited though, I said long term. At the moment you could only cut it into 2 titles and you would need the neighbours consent. The new plan coming into effect soon says that it is not to be cut up at all. So again nothing to get excited about. But wait there is more. The Auckland city council is planning to spend millions of your dollars on a reno of Otahuhu town centre in the next 10 years. Otahuhu will become a flash little city in its self. A small pocket of land in Otahuhu has already been zoned special i.e. you can build 1 unit on 200m2 and value has gone nuts on that land.
This property is only 800 meters from the town centre and maybe 400m to the train station. You don’t need to be rocket scientist to work out what this land will be worth once say 20% of the new special housing area is built on and there is another 10,000 people living in Otahuhu. Sorry about the lengthy rant, but there is massive tax free money in this property for a smart Buy & Hold investor and the cash flow is not to shabby as well.
- Block Of Units
- 2 bed
- 1 bath
- Built 1950