338 Murray Street, North Hobart TAS 7000

An exciting and often rare opportunity to secure a block of 3- 4 units with an abundance of outdoor area, a current gross income of approximately $800 per week and the ability to increase this to $1100 and beyond.
With leases already in place to good residential tenants, the complex is an easy 'set & forget' investment as is but also offers the potential for upgrade and potential to add further value.
The units are of low maintenance construction, being solid brick with Galvanized iron roof. They are set on a gently sloping allotment and its prime location in the North Hobart Café Society provides an easy care and convenient lifestyle.

Accommodation is as follows;
Unit 1: Located on the right hand side, ground floor of the building. This offers 1 excellent sized bedroom, spacious kitchen and combined bathroom & laundry. The fantastic sized lounge is away from the other rooms to provide an attractive layout. This tenant has been here for many years and the rent is heavily under market value at $195 per week. The potential rent for this property is approximately $215-$230 per week.

Unit 2: Located on the left hand side, ground floor of the building. It is almost a mirror image to Unit 1 however this unit has been upgraded inside including upgraded kitchen and bathroom. Again it provides 1 excellent sized bedroom, spacious kitchen and combined bathroom & laundry. The fantastic sized lounge is away from the other rooms to provide an attractive layout. This unit also offers an additional external access to outside. The tenant is currently paying $225 per week. The potential rent for this property is approximately $225-$240 per week.

Unit 3 (Originally Unit 3 & Unit 4 is now comibined as one large unit): This property is accessed from the rear of the complex and is currently rented for $370 per week. It provides 4 bedrooms, 1 living area, 1 bathroom & a sunroom. The rent which is also heavily under market value is $370 per week. This could be tenanted for approximately $400-$440 per week. There is also the ability to convert this area back into 2 separate units.

The property is a pleasing package for the astute investor, the property has a history of low vacancy, has scope for rent growth immediately, potentially more through some upgrades and offers the potential to strata title at a later date (S.T.C.A). It is situated on 736m2 of land with the dwelling located at the front of the block. There is a huge backyard at the rear of approximately 350m2. Additionally, there is a second free standing dwelling currently utilised as storage. With imagination and some renovation this could potentially form another avenue for income. The possibilities are endless here.

Whether you choose to purchase this complex via a self-managed super fund, a family investment or just individually, this property would attract any sensible investors attention. Walking distance to north Hobart and the city centre. DON’T MISS OUT!!!


Thinking of Selling?
If you are curious to know the value of your property and would like a no obligation free appraisal please contact Tasmania’s Number 1 Residential Sales Agent of the year for REIT Natalie Downton.