City at 15 City Road is a popular choice for investors looking for high yield, as many are seeing returns of around 9% - 10% or greater.
Our vendor is cashing up and moving on and wishes to sell both of his apartments, so take one.. or two!
These particular apartment are rented to Housing NZ until February 2020, so a great hands off investment with guaranteed returns, and without the hassle of having to deal with tenants - you have a very reputable tenant and there are provisions within the lease for the income payable by HNZ, to be increased over the term which expires in 2020. At this point you may wish to leave the unit with HNZ, or withdraw it from their management for your own personal use, or forecast the rental appraisal if rented privately in 2020!
If purchased today for $80,000 this would represent a 9.3% return!
Here's the numbers:
4F / 15 City Road
Ground rent: $5,493.40
OPEX: $ 3,885.36
NET Profit: $7,458.32
The apartments are simple and practical, fully furnished with one bedroom, one bathroom, kitchen and small balcony and are corner units on the desireable NW side of the building with nice Northerly views.
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