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$745,000
This solid block of 4 x 2 Bedroom apartments is ideal for those self-managed superannuation funds or the savvy residential property investor. We have been running at almost zero vacancies for the last two years. It is currently returning a net rental income of 5.24% however we are of the strong opinion that it is under-rented and could be returning 6.35% net.
If you add this to the value of the undeveloped land on the site which could house another 4 apartments (STCA) then you can really see value here.
The property is located just 200 metres from the CBD of Innisfail and just a block from the river's edge. It offers lovely river views but is on the side of the ridge so will not be affected by flooding.
Built of solid concrete block and brick with a suspended concrete slab between them. Each apartment has two bedrooms and 1 bath with decent kitchens and living rooms. They all have off-street undercover parking and air conditioners in the main bedrooms.
This is as set-and-forget as you can get.
Contact Michael Skuse
49 Fitzgerald Esplanade, Innisfail QLD 4860
Call Michael Skuse on
0411029300
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