11 Cross Street
Regent, Whangarei District
Regent, Whangarei District
SOLD
Deceased Estate Cash Cow
There's significant upside to be realised in this former motel complex situated in central Whangarei, whether through refurbishment or complete redevelopment.
The property features a multi-unit residential setup comprising 3 studio apartments, 9 one-bedroom apartments, and a 4-bedroom home, currently generating $176,000 gross per annum, with 3 units currently vacant.
There's an opportunity to increase this income significantly (up to 60%) with the refurbishment of the units. The layout allows for phased refurbishment of the units, ensuring an income stream throughout the upgrading process.
Located in the Regent area, just behind New World and adjacent to Whangarei Primary School, the property enjoys excellent connectivity. A shared pathway only metres up the road connects it southwards to the CBD and northwards to the Kensington Sports fields and further on to Kamo.
Positioned on a flat volcanic section elevated above sea-level, the land provides a secure foundation for a sound investment. Whether renovating the existing single-level concrete block complex surrounding a central parking area or opting for redevelopment, the property offers promising opportunities for potential investors.
Contact John on 0272 808 980 today to discuss this opportunity.
For sale by Auction, 3:00pm Thursday 19 September (unless sold prior).
The property features a multi-unit residential setup comprising 3 studio apartments, 9 one-bedroom apartments, and a 4-bedroom home, currently generating $176,000 gross per annum, with 3 units currently vacant.
There's an opportunity to increase this income significantly (up to 60%) with the refurbishment of the units. The layout allows for phased refurbishment of the units, ensuring an income stream throughout the upgrading process.
Located in the Regent area, just behind New World and adjacent to Whangarei Primary School, the property enjoys excellent connectivity. A shared pathway only metres up the road connects it southwards to the CBD and northwards to the Kensington Sports fields and further on to Kamo.
Positioned on a flat volcanic section elevated above sea-level, the land provides a secure foundation for a sound investment. Whether renovating the existing single-level concrete block complex surrounding a central parking area or opting for redevelopment, the property offers promising opportunities for potential investors.
Contact John on 0272 808 980 today to discuss this opportunity.
For sale by Auction, 3:00pm Thursday 19 September (unless sold prior).
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