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PRE-TAX CASHFLOW - PROVEN SUCCESSFUL RBTR F/F 4-BEDROOM APARTMENT |
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Listing Number: 2128
Posting Date: 06 June 2012
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| Listing Expired |
| Listing: | PRE-TAX CASHFLOW - PROVEN SUCCESSFUL RBTR F/F 4-BEDROOM APARTMENT
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| Type: | Apartment |
| Category: | Private Sale | Bedrooms: | 4 |
| Price: | $260,000 | Bathrooms: | 2 |
| Region: | Wellington | Site Area: | |
| Address: |
Login | Building Area: | 129 m2 |
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Description:
Rental Income: $490pw
On a rent-by-the-room agreement basis. Each room has their own individual tenancy agreement.
Capital Value: $235,000
Registered Valuation: $345,000 (dated 6 March 2008)
Owned since: January 2007
Vacancy Rate: Average of 2.5 weeks per year (have spreadsheet available on request)
The RBTR tenancy method has been very successful for this property over the past five+ years
Insurance Premium: $1,927.06 from 5 June 2012 (have spreadsheet available on request)
Rates: $1,610.85
Body Corporate Levy: $3,164.21 (have spreadsheet available on request - most of this year's levy is to pay for the $25,000 exterior painting of building and roof to be done later this year (spring/summer).
The Body Corp consists of: 5 residential apartments and the commercial area below all the apartments. Apartments are on the first floor. Commercial area has National Bank, Dicks Smiths and smaller retails units.
Other Expenses: $500 (have spreadsheet available on request)
I allow $500 maintenance fee per annum
All Apartment Purchases and Selling History:
The original owner converted the top floor of the building into five fully-furnished apartments and used to rent them to foreign students. When he sold the building to new owners they onsold all the apartments and have kept the commercial portion of the building.
All apartments were bought at the beginning of 2007 and all owners have kept them except for one of the apartments was marketed for $285,000 sometime around 2008? but I don't know how much it actually sold for. This apartment is also being resold back to that owner as the current owner has had personal financial difficulty (having been made redundant).
Four apartments have access through the same common area. The fifth apartment has a completely separate access. There is no designated parking with the apartments, but parking around the city isn't a problem (especially at night). There is time-limit parking and Upper Hutt doesn't have metered-parking.
About this apartment:
It overlooks Main Street and Lions Court (sitting directly above the National Bank). It is 129 square meters in size.
About the Tenants:
There are two male and two female tenants. They are all aged in the mid 20s to early 30s, responsible and I've had no problems with any of them. You'll note that the two male tenants have been in this apartment since 2007 and one, in particular, will probably never move out.
Photographs:
I've attached some old photographs (from 2007) to give you an idea of the layout of the apartment etc. Some furnishings etc have changed, ie purchased a new oven and gas cooktop, lounge suite, shower dome and other bits and pieces.
I have a fully disclosed excel-spreadsheet available stating the Occupancy, Body Corp Fees, Insurance Fees and Maintenance fees covering since 2007. However, you must send me an email to request it, as it isn't in the correct format to upload on this website :(
I welcome any and all questions, there's nothing to hide :)
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| Additional Documents: |
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| Description: |
Occupancy, BC, Insurance, Maintenance |
| File Size: |
30 Kilobytes |
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