Hobart $1,180,000

Blue chip location with fantastic potential

A fantastic opportunity exists to purchase a property in the heart of Hobart with a huge investment potential. The property comprises of 8 flats, 3 two bedroom and 5 one bedroom. All flats have recently had their kitchen cabinetry updated and most have updated bathrooms as well.
 

There is a little bit of work to be done to restore this gem to its former glory, or perhaps even something greater, however, the potential for this property is immense!
 

On the street level you with find 3 flats:
– Flat one is a one bedroom and currently tenanted for $150/week.
– Flat two is a two bedroom with two living areas, split over two levels. This flat has been renovated and as such is currently tenanted for $260/week.
– Flat three is another two bedroom and currently in the midst of renovation. Most of the difficult work has been done including new kitchen cabinets and a new shower & toilet in the bathroom. The floors are yet to be done and a fresh coat of paint wouldn’t go astray but once this is addressed it should be almost ready to lease out.
 

Moving up the internal stairs you will find another 4 flats:
– Flat 4 is a two bedroom and has been renovated, this flat has cityscape views towards the centre of the CBD.
– Flat 5 is a one bedroom at the front of the building, this flat has polished floors in the living areas and just needs the bedroom to be re-carpeted before it is ready to be leased out.
– Flat 6 is also at the front of the building, this flat is also a one bedroom and has a very large living area. The bathroom does to be updated in this unit and a little bit of extra word done before it is ready to lease out.
– Flat 7 is a one bedroom flat, has been upgraded and is currently tenanted for $180/week.
 

If you follow the internal stairs all the way down to the ground level you will find a common area, off this area is a large storage room, a roller door (please note that while this property no longer has off street parking this roller door does provide access to the rear of the building.
 

At the rear of the building you will find the last flat.
– Flat 8 affectionately known as the ‘garden flat’ is a one bedroom flat, accessed through the back garden area
 

If you are prepared to roll up your sleeves and finish this beauty off the reward could be colossal!

 

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