RED HOT INVESTMENT and MOST AFFORDABLE fully Strata Titled OYO STUDIO APT. $150,000. Leased for 2 years at $1256 pcm. A Yield of 10.1 % p.a.return.

Phone enquiry code for this property:6480

First constructed as 44 bed-sitter dwelling units in a Special Accommodation Residential Building, the land and building has since been subdivided into fully strata titled Bed-Sitter Dwelling Units in prime Residential Zone 1 of Frankston. Conditions of use agreed to by the subdividing developer, in a Section 173 agreement and attached to the lot titles, has since been withdrawn. There are no restrictions on the use of the land other than that usually associated with an Owners Corporation.

This unit is larger than most in the building and has an en-suite bathroom (shower, toilet and vanity) and kitchenette. Large sliding glass door and window to private patio surrounded by internally secured quadrangle gardens. As an Owners Corporation managed building with additional security e.g. CCTV, the owner or resident has the use of a huge common area including lounge room, dining room, larger shared kitchen if needed, chat rooms, card swipe laundry, gardens and park-anywhere off-street parking. No steps or stairs. No gas or electricity bills/accounts. The owner only pays water and very low municipal rates and Owners Corporation fees. None of those catches like delayed management fees, in-going or out-going fees associated with Retirement Villages. This is your strata titled, Own-Your-Own Unit.

Interest Rates are at an all-time low. This offer is unique in that a live -in owner (or investor) can buy this unit paying it off with interest and repayments less than the rent! A student could sell at the end of his/her 3 or 4 year course and recoup all or even more of the purchase price and have saved that rent. For the same reason this is an excellent investment. You don't have to be a student.

Sandpiper Place is a quiet cul-de-sac with a walkway at the sac end to Ballam Park, Ballam Village, Centro Karingal shopping, two schools and a college and bus stop. A walkway from the back gate brings you onto the Cranbourne-Frankston Road with St John of God Hospital, clinics and the Frankston RSL Club just across the road. Buses 789, 790 and 791 stop less than 200 m. servicing Frankston business centre and Rail Station. Equidistant between Frankston Freeway and Peninsular Link. Ideal for tertiary students of Monash University and Chisolm Frankston TAFE campuses. Also ideal for staff or trainees at Frankston Hospital and in particular, the St John of God Hospital which is just across the road.

This is a fabulous part of Frankston and the most affordable Estate Fee Simple Property Title imaginable at $150,000.

This is obviously very under priced. (See the Statement of Information for median price of units and 3 recent comparable property sales within 2 Km.) This unit was previously leased for $11,754 pa or $979 pcm with all outgoings paid. That's a return of over 7.8 % on this price. The current 2 yr lease is even better. $1256 pcm. That's over 10% pa. Vacant possession is possible by negotiation with the current tenant.

Phone enquiry code for this property:6480