56 Truby King Drive, Karitane, Dunedin, Otago, 9471, New Zealand
Welcome to this incredible property for sale, located 25 mins drive from Dunedin, on a vast 6976m2 parcel of land. The property contains two large buildings and a smaller one-story building with a total floor area of 3000m2.
The two-story wing contains 3 apartments (2 x 4 bedroom and 1 x 3 bedroom). There is also unused space with consented plans to add 3 more units.
The 4th apartment is in the one-story building and consists of 2 bedrooms, 1 bathroom and a storage area.
All apartments are currently tenanted and returning a combined $1100 per week. Summary Below:
Unit 1 – $280 per week. 3 bedroom, 1 bathroom,1 ensuite
Unit 2 – $350 per week. 4 bedroom, 1 bathroom, 1 ensuite
Unit 3 – $200 per week. 4 bedroom, 1 bathroom.
Unit 6 – $270 per week. 2 bedroom, 1 bathroom
As you can see from the above summary, there is still plenty of room to increase the rents.
The 3-story building is a blank canvas, with consented plans to construct 12 apartments (25 rooms total)
This property truly is a unique opportunity for anyone looking to invest in real estate. With good cash-flow at a high return and potential for development, this property offers the best of both worlds.
When you break it all down you’re getting 4 apartments at a discounted price of around $160k each plus a free building to develop. There’s no catch, just don’t muck around.
