This is a promising opportunity for anyone looking for a simple yet profitable project.
The upper-level apartment is occupied by a long-term tenant who has lived there for several years. The unit features two well-presented bedrooms and a semi-open plan kitchen and living area. The tenancy is fixed until 21 January 2027 at $400 per week.
The lower-level apartment contains 3 generously sized bedrooms, semi open plan kitchen/ living area, one bathroom plus a separate toilet. The current tenant moved in February 2025 and is also locked in until 21/01/2027 at $490 per week.
There is off-street parking available for both units.
The rents are far from being capped out at this level. An upgrade would see significant gains for whoever is ready to take this project on.
As well as upgrading the existing apartments one can also develop the back section. The 674m2 site allows for up to 11-bedrooms (one bedroom per 60m2, subject to DCC approval).
At this price, the current rent basically covers the cost and with great tenants locked in till early 2027, it's just a matter of securing the property now, then working out a plan to improve the numbers when convenient.
Links to 3D Tours below:
74A (Upper Level) - https://my.matterport.com/show/?m=sz2SE3kRa6M
74B (Lower Level) - https://my.matterport.com/show/?m=YPdpoUoL7HG
