1 Property On 2 Lots, 4.5km From The CBD, Under $750K
Property ID: 19324605
Purchase Price $740K
Project Costs* $148K
Value at Completion $630K + $480K = $1.11M
Estimated Project Realisation $222K
Estimated Project Return 21.8%
This is very rare. This 810m2 property is on 2 lots, with 2 street access and just 4.5km from the Brisbane CBD.
With a boundary realignment (Subject To Council Approval) you can take full advantage of the 2 street access to create a free lot of land. This will give you the option of selling both, selling the land to reduce your mortgage (or reinvest the profits) or developing on the second lot (STCA).
The existing house has been partially renovated, has 3 bedrooms (2 with built ins), large walk in shower, good size living area and a secure car park. Air conditioning, solar power and 2 large water tanks have been installed.
In addition there is a carport and the yard is fully fenced.
This suburb is an in high demand, with average days on market reducing this year while vacancy rates are currently around 2%, which is the lower end of a balanced market.
Around 71% of the market is owner occupied, there is little public housing and average incomes are 41% higher than the state average.
This house has a very good walk score of 86 due to being walking distance from dozens of Restaurant's and Cafe's, Bus stops, Bars, Sporting clubs, Woolworths, Coles, Aldi, Convenience stores, Parks, Childcare, Schools, Banks, Chemists and Medical facilities.
There are 5 Hospitals within 10 minutes drive.
University campus 2.3km.
Train station 3km.
For further details, call Matthew Barnes on 0430 979 900.
* Costs include stamp duty, council fees, professional fees, improvements to the existing house and the new block of land, legal fees and selling costs.