42 Felton Mathew Avenue

Saint Johns Auckland

298 m²

607 m²

House

Currently for sale - view listing

Overview

This is Gold - Leasehold Money Earner

Positioned in the increasingly popular suburb of St Johns, this solid concrete block of four apartments offers an exceptional opportunity for savvy investors. Comprising 8 bedrooms and 4 bathrooms in total, the property sits on a 607sqm leasehold site. Each of the four units shares a similar floor plan, with Units 3 and 4 enjoying an elevated, sunny aspect. Unit 4 also boasts a covered deck and a lock-up garage, while Units 1 and 2 feature private courtyards. Some refurbishment will enhance value and appeal even further. The property is currently generating a combined rental income of $1,870 per week-an impressive $97,240 annually (excluding rates and expenses). The 21-year perpetually renewable lease with St Johns Holdings is due for renewal in January 2027, with current ground rent set at $14,950 per year. This is a smart long-term investment with great fundamentals-secure tenancies, generous off-street parking, and zoning for sought-after schools (Stonefields School and Selwyn College). It's also conveniently close to Glen Innes Train Station, Lunn Avenue's retail precinct, and local sports facilities. Don't miss out on this fantastic opportunity. Viewings are by appointment only. All conjuncting agents welcome.