CASH FLOW POSITIVE BLOCK OF FLATS 30kms from BRISBANE

The enquiry code for this property is 1480.
Please note this 4 digit code very carefully as it is required for all phone enquiries.

Block of 2 x 2 bedroom and 2 x 3 bedroom timber flats on two blocks of land about 300 metres from Moreton Bay.Flats are on 6 month leases.

Current RENTAL return is $890 per week about to be increased to $910! Flat 1 (3 bed) is currently under rented at $200 per week and will be increased to $220.

Approximately 30 kilometres from Brisbane with Moreton Bay at the end of the street, these flats are never vacant as rental demand in the area is high.

Initial investigations with Moreton Bay council suggest there is the potential to increase the block to 6 flats with internal reconfiguration of the downstairs flats into 4 x 1 bedroom from the 2 x 3 bed as they are currently. This would be done incorporating the external laundries also and would increase the rental return. See ‘Floor plan’ section below. There is ample off street parking at the rear.

The property is on two titles and has a side driveway to the large , flat rear yard.

In 2011/12 kitchens and bathrooms were refurbished in each flat.
New iron roof about 3 years ago.
The property exterior could do with painting.

Land area: 809m2 on two lots. Large, flat block.

Rents and Configuration:
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Floor Plans:
See Floor Plan section below. Upper floor plan not shown.

Current Weekly Rents:
Flat 1 – $200, Flat 2 – $230, Flat 3 – $235, Flat 4 – $225

Internal Configuration:
Downstairs: Flat 1 and 2 are 3 bedroom.
Upstairs: Flat 3 and 4 are 2 bedroom.
Exterior Laundries: Two separate laundries are provided on the ground floor at the rear.

Off street parking: Plenty at rear and at front. No garages or carports.

Tenancy:
Currently tenants are on 6 month leases. Flats 1 and 3 have been rented to the same people for over 10 years. Managed by Eureka Realty, Deception Bay.

2012 Expenses:
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Council Rates: approx $4682 per year
Water Rates: approx $3080 per year
Building
Insurance: approx $889 per year