Positioned on a sun-drenched north-facing site in one of Ponsonby's most tightly held streets, 77 Lincoln Street presents a rare opportunity to secure immediate holding income while unlocking significant future value.
Situated on 329sqm (Limited as to Parcels) with private gated access directly into Vermont Reserve, this character villa is currently configured as four self-contained flats and offers rental income potential of up to $2,240 per week, a 5.68% gross yield. With two flats currently vacant for ease of viewing, buyers can immediately assess the asset and its possibilities.
What sets this opportunity apart is that much of the hard work has already been done. The vendors have commissioned architecturally designed plans and obtained Resource Consent to transform the property into four contemporary designer apartments, making better use of the substantial north-facing backyard while increasing off-street parking. The blueprint is in place. All that's left is for the next owner to bring the vision to life.
Alternatively, investors may choose to retain the current configuration and enjoy strong cash flow from day one, while gradually modernising the flats to enhance rental returns and capital value. For those seeking a longer-term lifestyle play, there is also the opportunity to reimagine the property as a substantial family residence with direct reserve access, a feature seldom found in Ponsonby.
The vendors are committed to family opportunities elsewhere and would like to see the property sold. However, don't mistake motivation for desperation. This is not a rushed sale. Astute buyers who recognise the rarity of the location, income stream and development upside will be rewarded with the opportunity to make this exceptional property their own.
