Property Specifics:
Year Built: 1974
Annual Income: $72,800
Council Rates: Approx. $6,990 per year
Body Corporate: Self Managed
Building Insurance: Approx $2,864.30 per year
Water: Circa $1,200 per quarter
Area Under Title: 823 square metres
Rental Estimate: Approx: $400-$450 per week per unit
Vendor's Conveyancer: Aquarius Conveyancing
Status: Currently tenanted
Preferred Settlement Period: 30-45 days from the contract date
Preferred Deposit: 10%
Easements as per title: None found
Zoning: MR (Medium Density)
Status: Tenanted
Current rental details:
U1: $350 until 2/01/25
U2: $450 until 2/11/25
U3: $350 until 2/01/25
U4: $350 until 17/6/25
Gross $72,800 a year.
Presenting a fantastic opportunity for the savvy investor, this boutique complex comprising of four two-bedroom apartments sits on a quiet circuit, moments from Nightcliff's gorgeous foreshore, relaxed dining options and numerous popular amenities.
- Well-maintained boutique complex in outstanding lifestyle location
- Complex is made up of four two-bedroom, one-bathroom apartments
- Each neatly presented apartment features its own private entrance
- Neutral tones, tiled floors and split-system AC throughout
- Each practical floorplan features open-plan overlooked by tidy kitchen
- Two bedrooms to each apartment, feat. wall of built-in storage
- Each bathroom offers shower, toilet and adjoining internal laundry
- Balcony to upstairs apartments, landscaped common area at rear
- Shaded parking for two cars provided for each apartment
- Two sets of stairs to the first floor apartments
- No body corporate and each unit has had long-term tenants
Superbly situated within one of Darwin's most sought-after lifestyle settings, this boutique complex provides an excellent investment opportunity and the potential for solid rental returns, ideally suited as an entry-level investment or an addition to a growing portfolio.
Tenants can share use of the grassy, landscaped courtyard to the rear, plus there is parking for two cars per apartment out front.
Situated on a quiet circuit, just a short walk from a nearby park and playground, the property is also just a stone's throw from everything that makes this coastal suburb oh-so popular. It's an easy stroll to Nightcliff pool, its schools and other essentials, as well as great dining spots and beautiful seaside walking paths.
Current rents are way under market value at the moment.
This is due to long term tenants (circa 7 years, and 14 years in units 1 and 3). Left side of the building.
Unit 2 (bottom right) is looking to vacate at the end of year. The photos online are of unit 2. This is the best unit and could easily ask $500 a week and accept $480 a week.
Recent works:
New front fence
Garden and lawn outback
Reticulation to entire property
Repainted outside in the last 3 months
Reroofed in 1995
Shade sails to parking
Cladding to underside of verandahs and flashings added
Painted to unit 2 inside
Some units have new aircons, all bedrooms and lounges are airconed and working well.
Potential income:
All of these units within 12 months could be rented for $480 or more once the final lease ends, or even $500 per week for the best ground level one.
Each unit rented $480 per week, the block would gross $99,840 a year, benchmarking this at an 8% return.
With the option to strata these in the future, each ground level unit would end up with a substantial back yard which is highly desirable for the older generation looking to downsize from larger homes in the area.
Those ground level units in the future once strata titled could fetch upwards of $400,000 very easily.
To arrange a private inspection or make an offer on this property, please contact Andrew Harding 0408 108 698 or Evie Radonich 0439 497 199 at any time.
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