1-2/100 Middlepark Road, Upper Riccarton

Multiple-income, multiple options

Price by negotiation

With only one of these flats tenanted this could be your opportunity to secure a home and income package in a location that has shown 61.6% growth over the last three years. This pair of flats in Upper Riccarton could also be the perfect addition to your portfolio.

The front two-bedroom flat has a private and secure yard, perfect for the dog, or small children. A recently refreshed interior is ready for you to move in or rent out. The garage associated with this flat is at the rear of the property. The rear three-bedroom flat enjoys a northern aspect with a recently finished deck on which to enjoy the afternoon sun and overlooks the private rear sun-soaked garden. Three bedrooms and a single bathroom are accompanied by a second single garage. Both flats are currently on one freehold title.

The front flat is currently vacant and the rear flat is currently rented for $440 per week.

The front flat would easily convert to a three-bedroom home with some adjustments to the layout and sleepouts or a garage conversion would help to increase the income for this property substantially. Going ahead with a subdivision to place them on individual titles could also create equity growth in this property.

With the property being on TC1 Residential Suburban land, and also fully insured, all the basics of a great long-term investment are retained in this 1950s duplex. The location also lends itself to suit those who work in the industrial areas around the popular suburb of Sockburn or those who need easy access to the heart of this Upper Riccarton.

• 1×2 and 1×3 bedroom flats
• Two fully self-contained
• Median market rent for the area would total $900 per week
• TC1 Residential Suburban Land zonings
• Double garaging
• Combined 160sqm floor area

With each flat being meticulously curated over the time of ownership, this property offers great cashflow, and the opportunity to add value over your tenure.