1-2/88 Somerfield Street, Somerfield

Double income investment

Auction (unless sold prior)
12pm Thu 24 Nov 2022
3 Deans Ave, Riccarton, Christchurch

In the popular suburb of Somerfield, this house in two x three bedroom flats has been a proven rental property with tenants in place for more than 12 years combined. With plenty of upside to improve the house and rents, this property will outperform single-tenancy investments and prove much-needed affordable accommodation for tenants.

The flat on the right-hand side of the house has three bedrooms and is currently rented for $300 per week on a periodic tenancy. Tidy but original with a private outdoor area and a long-term tenant in place. This flat has the potential to be upgraded and with market rents in the area for three bedrooms homes sitting at $500 – $576pw there is plenty of scope to improve this flat and its income.

The flat on the left of the house also has three bedrooms and has been renovated with a modern bathroom and kitchen. Currently rented for $350 per week also on a periodic tenancy with scope to improve the income. This flat also boasts a great private outdoor space for the tenants to enjoy in the warmer months.

All EQC work was completed prior to the current owners purchasing and the home is fully insured.

• Total rent at $650 per week with room to improve
• 541 sqm of RSDT TC2 zoned land
• Freehold title
• Multiple income streams
• Great central suburban location
• Cashmere High School zoning

Two carports and an off-street park add to the convenience of the layout. With two rental incomes from one property, and located within a sought-after school zone this property provides so much scope for improvement, reap the rewards of cashflow and equity gains, helping you move forward to your next investment.