This block of 7 units and popular laundry mat ensures the buyer will have a reliable income from day one. 5 of the 7 units are currently occupied, some with some long term tenants in place. One vacant unit has been gutted and is ready for refurbishment, the other vacant unit was refurbished in 2003 and offers spacious living, 2 bedrooms and a large balcony at rear.
The overall condition of the building is very good, made up of one 3 bedroom unit and the remainder are 1 and 2 bedroom units. Unit 1 is occupied and could do with an upgrade but the long term tenant is happy as it is, Units 2,3,4 and 7 were upgraded in 2003, unit 5 has been gutted and is ready for refurbishment while Unit 6 was upgraded in 2004.
2007 gross income was in excess of $28,000, however the main feature of this property is that it lends it self to a multitude of options to increase the current return on investment, such as upgrading some of the units, onsite accommodation for a manager plus serviced apartments, build additional units on vacant land at rear or even overnight motel style accomodation.
The Laundrymat is well equipped with upto date washers and dryers, all equipment has been well maintained.