4/33 Northcote Street, Kilburn SA 5084

This groovy apartment, situated a stone's throw to Prospect Road and just 7.8km to the CBD of Adelaide, has been fully renovated:

- new kitchen with stainless steel appliances

- gleaming new bathroom with shower and bath

- timber look floors and carpet in main living and bedrooms

- split system reverse cycle air-conditioning

- comes with built-in dryer

- built-in robes in main bedroom.



The apartment building has also had a full renovation:

- rendered front exterior

- landscape gardening

- remote control security gate entry

- intercom at front entrance for guests

- undercover parking.



This is rare! Individual units/apartments get renovated, but it is extremely rare to find an entire block that has been renovated. It enables higher rental yields and higher tenant demand.



This apartment has been rented to the same tenant since Feb 2012 and the current rent is $260pw.



This unit is grossing in excess of 6.4%. That is crazy good!! The outgoings are as follows:



Rates - $788.95 pa

ESL - $128.50 pa

Strata - $328.85 pq (includes building insurance)



Apartments in this group do not come up very often. This is a lovely place to live, which is why tenants have renewed their leases and investors hang on to them! It is extremely difficult to find a property generating returns in excess of 6%. This could be the perfect acquisition for an investor chasing cash flow or a self managed super fund. There is lots of development happening along Prospect Road - including multi-story apartment buildings. This buzz extends to the areas on the fringes of Prospect, such as Kilburn.





(RLA 270635)