Real Estate Australia

Cash Cow Returning $624,000 Per Annum, Projected $870,000 PA
Offers Over $5,800,000

Property Location: 117 Park Road YERONGA - BRISBANE - QLD

Listing Id: 21587168  

Bedrooms	30 41 rooms
Bathrooms	6
Land	Size: 910 Square Mtr Approx
Description: With a projected gross rental income of $768,000 within a year, this 41 room, two storey dwelling is fully accredited with the Brisbane City Council and Department of Housing (Residential Service Unit) for 46 residents. Further, the property has the square meterage and amenities to facilitate a further increase to 52 persons (STCA), increasing the above projected annual gross rental income to $870,000 within a year. With a property manager currently appointed, this property represents a passive investment for purchasers. Always occupied, this rooming accommodation has a capped waiting list and demand from potential tenants is continual and endless. In an ultra-convenient location, the property is a short walk to Yeronga Train Station. Bus transport to the CBD is 70m away, with the outbound bus stop positioned on the opposite side of road from the property. ACCREDITATION • Accreditation as a Residential Service Level 1 for 46 residents GROSS INCOME • Currently returning $624,225 per annum (with 40 residents) • Weekly rent 37 x $295, 1 x $300, 1 x $325, 1 x $350 OUTGOINGS • Electricity $16,000 • Water $13,844 • Rates $8,564 • Insurance $11,767 LAND • 910m2 LMR (2 or 3 Storey Mix Zone) on 2 lots, no traditional character overlay • May be possible for the rear part of the block to be subdivided into a third block of approx. 350sqm and sold separately, without affecting the current dwelling (STCA) • Not on flood map PROPERTY OVERVIEW • All rooms fully furnished • All 41 rooms have personal storage, furniture, beds, fridge/freezer • Recently painted internally and externally • New carpet • Near new roof • Solar power, 36 panels

Cash Cow Returning $624,000 Per Annum, Projected $870,000 PA
Offers Over $5,800,000

Contact RE/MAX First Residential Today!!!

Contact Matthew Griffiths
Phone 0420308199

Property ID:21587168
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