508 Queen St, Auckland Central, Auckland - Apartment Sold on 26 09 2022

SoldSep 26, 2022

508 Queen St, Auckland Central, Auckland

$129,000

34 m²

Apartment

•

Sold: Sep 26, 2022

What's around 508 Queen St

Return 12.5% plus

The freehold apartment is located at the top of Queen Street, close to Universities, shops, and restaurants, everything is at your doorstep. Close to all public transport, bus stops in front of the building, All highway entrances are within a five-minute drive. The apartment has always been sought after by tenants. The Equation: - The current rent is $300 per week (others in the building rented up to $420 per week) Less: - Body corporate levy: $2,609.96. per annum & City council rate is $960.47 per annum. Net Income: - $12,029.57 or 12,6% return at the purchase price of $95,000. The 508 Queen Street apartments have known remedial issues which will cost the new owner funds to fix. There is already a significant sum sitting in the body corp accounts to help pay for the project, for this unit the settlement fund is $59,808.37 plus GST. This will mitigate any future top-up. - STRATUM IN FREEHOLD TITLE, best you can buy for apartments - 2021 CV: $210,000 - Superb net rental returns The owner won't wait till construction repair finishes, and wants it sold ASAP!! Their loss and your gain! Inner city apartments with no remedial issues are selling for approximately $10,000 per sqm more or less. Bring your calculator and do your numbers! If you are a cash buyer and looking for a great investment opportunity in the future, don't miss it!

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Seller's review

over 3 years ago

Verified Review

Professional and committed

Steve was incredibly professional in all aspects of the sale of my apartment. He worked hard to achieve outcomes that were above what was expected and was always available to talk to me about where things were at. I appreciated Steve's candour and understanding of the market which allowed me to feel comfortable at all stages of the sale. Would highly recommend Steve to anyone.

Seller