Karori

Calling all experienced investors and traders - unique opportunity to profit. Here is an incredible opportunity to pick up 5 unit titled 1-bed apartments, roll your sleeves up to add massive value, then either hold for long term cashflow and equity, or flip for shorter term profit. Make no mistake, this is not for the feint hearted, there is significant work to be done here... but that is why the price is where it is, so therein lies the opportunity. You put the work in, you reap the rewards. The fundamentals are there, including excellent location, sound concrete construction, strong EQC resilience, majority control of the Body Corporate, and massive upside for capital gain and huge cashflow. So what's the catch? First, the interiors are in poor condition and you should assume a full refurbishment is required. Secondly, there was a slip at the rear in early 2023, and this remains unresolved to date. This needs to remedied in order to extract full value from these apartments. Once the refurb is done, they will be ideal for quality tenants, and once the slip is resolved, they will be perfect for first home buyers. - 5 x 1-bed unit titled apartments, quite spacious with floor area 50sqm each - The interiors are in very poor condition, hence no photos, you should assume a full refurb is required - Single garage - Total rents currently $1,595pw (inc garage at $50pw) - Market rents $420-450pw each after refurb - Currently not Healthy Homes compliant - This is a parcel of 5 units from a total of 9 in the building, plus garage, giving over 50% majority voting rights - Plenty of parking on site - 69% NBS (WCC IEP) - Body Corp levy $250 monthly each - RV $420,000 each - Rates TBA (new rates not yet struck by WCC) My out of town vendor bought these flats waaaay back in 1981... he is now out of town and retired, they are surplus to requirement, and his instructions are very clear... GET THEM SOLD. He knows they are cheap, he knows the timing is not the best, but that hasn't dampened his enthusiasm to meet the market and pass them on to someone who has the energy and the bandwidth to capitalise on this excellent opportunity. Contact Adam for full details today. Tender Closing, 1pm Wednesday 7th August 2024 at 8 Kent Terrace, Wellington (will not be sold prior)