Two units for sale (duplex) in Suncare Village retirement community at 1 Wellington Street, Brassall. Motivated seller must sell as moving overseas, will even assist in arranging finance. These properties are a fantastic investment opportunity, yielding 9% return on a $195, 000 outlay. The pensioners who reside in these units currently pay about 63% of their pension as rent to the owner/investor. The rent increases bi-annually when the pension rate is increased. In the last 10 years the units have not been vacant for more than 3 months cumulatively. One of the units housed a couple for 3 years so double the rent income was earned at that time.

The property was built in 2003 so is approximately ten years old. It consists of two x 1 bedroom units in a lot of 103m2 (each unit being 51.5m2). Each unit is self-contained with a lounge, kitchen, bedroom, bathroom and storage unit. The units are both furnished with carpets, blinds, air-conditioner, ceiling fan, microwave, hot plates, refrigerator, washing machine and dryer. Both units have a superior view of the bush land behind the property.

The complex is a pensioner's paradise! The residents can take full advantage of the indoor facilities such as meals, laundry and a recreation centre. Public amenities such as buses, shops, doctor, dentist and bank are all just around the corner. The village boasts a commercial kitchen, communal dining room, library, TV area with a media library, darts, bingo, hoi, a BBQ area, community bus to Riverlink and Brassall and a generous parking area. There is a walking track with a Riverside view. The on-site manager is available for resident needs 24/7.

The unit is located alongside the river and there is a walkway. However, the property is on high ground so it has never flooded. Rent out one unit and live in the other while you enjoy the retired life and earn cash flow on the investment or rent out both units for an even greater return.

INDICATIVE INVESTMENT ANALYSIS FOR 2013-14 (as provided by current owner)

*2 units – Indicative return on investment for 2013-14
Item Value
**Rent Income $ 25084.00
Expenses
Resident Management Fee: $2770.00
Rates (GST excl): $1464.00
Body Corporate Levy & Sinking Fund: $4760.00
Insurance : $200.00
Water & sewer : $1200.00
Total Expenses: $7624.00
Net Income: $17,460.00
Investment Analysis Net Income: $17, 460.00
Purchase Price: $199,000.00
NET Return: 8.77%
(With the reduced purchase price of $185, 000 the NET Return becomes 9.44%)
* One pensioner living in one unit
** As of 01/04/2013 the rent received per unit per fortnight is 62.3% of pension amount =$482.40
Note: The rent increases with increase in pension which increases twice a year.

Please get in touch if you would like to just take a look at the property. This can be easily arranged!