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ID#466860
Island Bay
Wellington South
BEO $970,000
5
3
1
220m²
(2,368.06 sq.ft.)
480m²
(5,166.67 sq.ft.)
proudly marketed by
Michael Adams
Leaders Real Estate (1987) Ltd Licensed REA Act 2008
Investors, Renovators and Astute Home and Income Buyers Take Note!
What an opportunity in the heart of Island Bay! After 52 years our vendor is relinquishing this circa 1900's villa, and now it's your opportunity to own a property with genuine potential to add value. Make no bones about it, this property requires renovation and rejuvenation, but the rewards will be great. Plus there is ample opportunity to increase the rental yield.
Comprised of three flats, with a potential rental return of over $76,000 per annum, plus a single garage (independent rental assessments available).
Features of the property include:
Bottom flat:
- Two double bedrooms, with new carpet
- Lovely north facing lounge, with a sash bay window, matai floors and heat pump, overlooking a neat front garden with mature trees.
- Country style kitchen, with rimu timber cabinetry, good sized pantry and gas cooking
- Bathroom, encompassing toilet, shower and laundry
- Currently vacant
- Rental assessment $530 per week
First top flat:
- Double bedroom
- Large lounge, currently configured as a double bedroom
- Wide hallway, currently used as a lounge
- Bathroom, encompassing toilet, shower and laundry
- Rental assessment $450 per week
Second top flat:
- One single bedroom, and one double bedroom
- Lovely sunny lounge with views out to the green belt
- Great country style kitchen/dining room with gas cooking and dishwasher, leading onto a deck and fully fenced back yard - perfect for the kids or an afternoon BBQ
- Bathroom, encompassing toilet, shower and laundry
- Rental assessment $490 per week
The property is partially rewired, re-piled and re-plumbed. The 480²m section and 220²m house with wonderful high studs throughout, provides light and airy spaces, creating glimpses of yesteryear. With an Rateable Value of $1,070,000, and private valuation of $1,300,000, this property is priced to sell, and will attract investors, renovators and home & income buyers looking for an exceptionally well-priced property.
Close to Island Bay shops, beaches, walkways and Wellington Hospital - what more could you want? Simply buy, renovate and let your rents flow in or convert back to an elegant home!
Call me now for an appointment to view.
Keywords
Property Type
- Investment
- Character
Agent
Michael Adams
Leaders Real Estate (1987) Ltd Licensed REA Act 2008
Licensed Real Estate Salesperson (REAA 2008), Member of the REINZ
A senior player in the Wellington residential property market, Michael brings over 25 years’ experience to the table with his in-depth understanding of the current market place, along with a powerful combination of top service and professionalism to all his clients. Michael’s belief that the best way to secure the highest sales price is through customer service, outstanding negotiating skills and being able to think strategically, has seen him consistently achieve recognition as one of the companies top 10% of performers.
Michael credits these outstanding results to his understanding of the vital importance of developing long-term relationships with his clients based on trust, knowledge and support and to this end, many of his clients have bought and sold multiple properties with him. Having lived in Miramar for the past 28 years, Michael’s understanding of the Eastern suburbs is parallel to none, having extensive experience of new and sub-divisible property with developers, Valuers and other associated professional bodies often seeking his opinion.
Born and raised in Blenheim, with that wonderful rural value of a man’s handshake is his word, Michael brings honesty and integrity to all his client relationships. His early career focused on retail and hotel management, which honed his customer relationship skills and his belief that client service is the catalyst for excellent results.
An avid sportsman Michael represented Marlborough in both rugby and soccer. He also competed in rowing, cricket and athletics during his schoolboy years. Michael presently enjoys playing golf, snooker, soccer and mountain biking.
Outside of real estate Michael enjoys spending time with his partner, their 5 children and is actively involved in assisting elderly folk in his local community and working with those with mental illness.
read moreThis property was photographed by
Grant Down
Wellington NZ
ID#466860
Island Bay
Wellington South
BEO $970,000
proudly marketed by
Michael Adams
Leaders Real Estate (1987) Ltd Licensed REA Act 2008