264-266 Prince Street Grafton NSW 2460
DUPLEX RETURNING 7% GROSS - $565 PER WEEK (Agent Declares Interest)264-266 Prince Street, Grafton
This is a superb investment opportunity with an exemplary rental history and a high rate of return (7% gross rental return on asking price). This 2 x 3 bedroom torrens-title duplex offers surprising size for its tenants with each side enjoying formal lounge, dining areas, individually fenced backyards, individual laundries, large master bedrooms and individual carports plus large lockable store rooms.
Owned by one of the directors of McKimm's Real Estate since 2003 the property has been extensively improved over the years with new electrical wiring (2005), new sewer junction (2009), new carports (2011), new fencing (2012), new roof (2017) and new external paint (2017) amongst a long list of other upgrades.
Each side of the duplex has air conditioning and ceiling fans, there is good built in storage and the location is just 4 blocks from Aldi or 7 blocks from Grafton Shoppingworld. Despite being located on Grafton's main street the traffic is lighter up this end and the proximity to the large Jacaranda Park (diagonally over the road) and the Grafton Base Hospital (two blocks around the corner) is handy.
264 Prince St: Returns $265 per week, has 2 laundries and shows its hardwood timber flooring. It has been leased to the same lovely tenant for 4 years. Her lease expires in November 2020 (her rent will increase to $280 per week in November 2019).
266 Prince St: Returns $300 per week, has a mix of carpet and vinyl flooring, a more modern laundry and large built ins in the master bed. It is leased to a hard working single lady who has been in place for over a year, her lease expires in May 2019.
Previous tenancies have stayed in place for 6 - 10 years or more as the affordable rent and central location seems to retain quality occupants.
The building was originally constructed in the 1940's and is constructed of weatherboard with hardwood framing set on brick piers. The dividing wall between the two units is rendered block. It has had annual pest inspections by a local Pest Control company giving it a clean bill of health.
Each side has its own power and water meters.
Pest & building reports are available to any interested purchasers. Contact agents for more details.
- Sat, 22nd Dec 10:00AM – 10:30AM +
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