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Currently returning $820 per week with a gross rental yield of approximately 6.77% (Net 5.22%) this property is a great buy for investors!
With rent increases scheduled for May 2021 and the rental return going up to $855 per week (gross rental yield of 7.06% - Net 5.51%), this property is showing the growth savvy investors are looking for!!
Given the fantastic location close to the Bundaberg Medical Precinct, low rental stock available and huge demand for rental properties in Bundaberg, the smart investor will know how to maximise this property's full potential!!!
Well positioned just off Bourbong Street in Millbank, with only a 2 to 3-minute drive to the Bundaberg Base and Mater Private Hospitals as well as a variety of other health care providers based in this locality and within 5 to 7 minutes from other local amenities including airport, train station, shopping centres, CBD, Queen's Park, Burnett River and local schools, this property is suitable for many types of tenants which makes for a great residential property investment.
Currently fully tenanted, this 2 storey block of 4 brick units on a quarter acre allotment (1012m2) offers the following;
. Freehold block of 4 units
. Zoning - Residential
. Land Use - Multi-Unit Dwellings
. No Body Corporate fees!
. Lot Size - 1012m2
. Each Unit has the same layout with living room, kitchen and separate laundry situated on the lower level and 2 bedrooms with built in wardrobes plus bathroom with shower, toilet and vanity on the upper level. The main bedroom opens onto the upper deck with stairs going from the deck to the ground level on both sides of the building.
. Units 2 & 4 have been partly renovated with new kitchens and floor coverings.
. All units have security screens to windows and front and back doors.
. Ceiling fans in all living rooms and bedrooms.
. Clothesline for each unit out the back.
. Single undercover car parking space plus one off-street park in front driveway per unit.
Current Tenancies/Rental Income:
Unit 1 - Currently leased for $215pw until 22/9/21
Unit 2 - Currently leased at $195pw - Rent increasing to $220pw from 28/5/21
Unit 3 - Currently leased for $205pw until 20/9/21
Unit 4 - Currently leased for $205pw - Rent increasing to $215pw from 26/5/21
Total Current Rent - $820pw ($42,640 per annum)
Rent from 28/5/21 - $855pw ($44,460 per annum)
Current Expenses:
Rates - Approximately $7816 per year
Insurance - Approximately $1919 per year
Approximate Rental Return:
Gross Rental Return - 6.77% (From 28/5/21 - Increasing to 7.06%)
Net Rental Return - 5.22% (From 28/5/21 - Increasing to 5.51%)
Nearby Amenities:
. 3-minute drive to Bundaberg base Hospital (1.6km)
. 2-minute drive to Mater Private Hospital (1km)
. 7-minute drive to Bundaberg CBD
. 6-minute drive to Bundaberg Airport
. 5-minutes drive to Train Station and Stockland's Shopping Centre
. 3-minute drive to Queen's Park (1.4km)
Contact Exclusive Listing Agent Tania Bunyan from Ray White Bundaberg on 0488 918588 or email [email protected] for further information and to arrange an inspection.
The information provided is for use as an estimate only and potential purchasers should make their own enquires to satisfy themselves of any matters.
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