Investors! Potential Double Digit Return

518 Linwood Avenue, Woolston

  • 12 Bedrooms
  • 4 Bathrooms
  • 2 Car Spaces
Listing ID IL2462

This substantial property which is currently tenanted on a four year lease and returning $80,000.00 net every year. Are you after potentially a double digit return???, you need to take note.
Enough space for all, with the main house having a large lounge that is kept cosy warm in winter by the compliant log burner or out onto the patio and grassed area for the warm summer rays. The kitchen is adequate in size, an additional dining room and bathroom plus three bedrooms.
The extension houses a further four bedrooms, office space and two bathrooms, as well on the third floor a dorm styled room that is portioned off for a further three x rooms. There is loads of storage throughout the home along with wall heaters and a heatpump. The lodge also boosts a self contained two bedroom apartment with a ‘wet shower’, kitchen and lounge.
The bedrooms are mainly north or west aspect to ensure they are gaining the extra warmth over the cooler months. The four rooms on the second floor also open out onto the balcony.
Shopping either at the Eastgate Mall or into Ferrymead/Woolston the tenants don’t have to go too far to satisfy their shopping needs or perhaps a surf or a dip in the sea which is only a 15min drive.
The lodge is complemented by a double garage and plenty of secure off street parking.
This was previously a blended family home so with additional modernisation this could be returned to its previous life or more recently was used as a backpackers.
There is no plan B but to sell as the owner has firm plans and this property is not part of his future due to securing a larger property in the city.
Viewing is only at the open homes due to the tenancy currently in place.

Photos Taken March 2019.
For more information please copy and paste the below link into your web browser:
https://www.propertyfiles.co.nz/property/IL2462

Features

Land Size 1055 sqm
Property Type House, Home & income
Property Features Smoke alarms, Other (Smoke Alarms is monitored)
Roof Tile
Tenure Freehold
Approx year built 1950
Property condition Good
House style Other (A Frame Dwelling)
Unit style Number of levels: 3
Garaging / carparking Double lock-up, Auto doors (Number of remotes: 1), Free standing
Construction Weatherboard
Joinery Aluminium/Wood
Flooring Carpet and Vinyl
Window coverings Drapes, Blinds
Heating / Cooling Woodfire (Closed), Heat pump, Electric
Chattels remaining Fixed floor coverings, Blinds (Extension), Curtains ( House & Apartment), Separate Cooktop x2, Separate Oven x2, Heat Pump x2, Multiple Electric Wall Heaters (TBC)
Kitchen Standard, Separate cooktop, Separate oven and Finished in Laminate
Living area Separate dining, Separate living
Laundry In bathroom
Views Private
Aspect North
Outdoor living Clothesline, Garden
Lifestyle block details
Fencing Fully fenced
Land contour Flat
Grounds Backyard access
Garden Garden shed (Number of sheds: 1)
Water heating Gas, Electric
Water supply Town supply
Sewerage Mains
Locality Close to shops, Close to schools, Close to transport
Auction 13 Aug 2020

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