49, 49A & 49B Matipo Street, Riccarton

Multi income stream, 7% plus return

SOLD

Located in the prime rental area of Riccarton, this triple income stream investment property features three, six-bedroom houses with strong rental income and growth potential. Ideal for a buy-and-hold strategy, it offers opportunities for subdivision and redevelopment, supported by a detailed planning report.

• Three houses with six bedrooms each
• Over the past five years, owners have experienced no more than two days of vacancy annually
• Total income of $3,245 per week, totalling $168,740 per annum until December 2024
•  Total income of $3,630 per week, totalling $188,760 per annum until December 2025
•  Middle and rear houses built in the late 2000s; front house constructed in the 1920s
• 756sqm freehold title on TC2, Residential Medium Density zoned land
• Planning report available showing expansion of two further student rentals
• Healthy Homes compliant

Positioned close to the University of Canterbury, hospital and Westfield Mall, this property appeals to university students and polytechnic students. The reliable rental income, coupled with the potential for future capital growth, makes this investment an enticing prospect for long term land bankers or astute investors. Additionally, acquiring the property with existing tenants in place guarantees immediate cash flow and a sense of security. The current owners are working to re-invest the money into the family home, so require a sale immediately.