Rostrevor unit block earning almost $100,000 in rent per year for sale – realestate.com.au

A block of units in Rostrevor appears to be sparking a bidding frenzy among those looking to benefit from a quick resale or stay the course and earn rental returns of around $100,000 a year.

Selling agent Andrew Baldino of Ray White Campbelltown said separate community titles for the four units at 13 Karawirra Ave had attracted phenomenal interest from buyers.

The titles mean the units could be sold individually, but Mr Baldino said the late owner’s siblings instead opted to sell the units as a whole.

No price guide has been released, but Mr Baldino expected the 936 sq m property to sell for “capital value” only.

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1-4/13 Karawirra Ave, Rostrevor.

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1-4/13 Karawirra Ave, Rostrevor.

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He said a “more developed” three-bedroom house in a similarly sized block on the same street sold for $1.52 million late last year.

The current average price for a single unit in Rostrevor is $672,000, according to PropTrack, meaning that if the units were sold separately, the entire property could be worth more than $2.68 million.

Mr. Baldino admitted that it was unusual for a unit block that could be sold in pieces to be offered in its entirety.

“It’s unique,” ​​he says.

“The units are almost all (in) original condition and you would have to put a little lipstick on them to bring them to a better level.

“But investors probably prefer them to be somewhat dilapidated so that they can increase their value if they renovate them.”

He said many potential buyers were also keen to tap into the property’s rental potential.

Three of the four units are currently rented, the fourth has recently been vacated.

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1-4/13 Karawirra Ave, Rostrevor.

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1-4/13 Karawirra Ave, Rostrevor.

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1-4/13 Karawirra Ave, Rostrevor.

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As it stands now, each two-bedroom unit could return $450 in rent each week – which amounts to $1,800 per week for the entire unit block, or $93,600 per year, Mr Baldino said.

With minor cosmetic improvements, each unit could bring in an additional $50 per week, bringing total rental income to $2,000 per week, or $104,000 per year, he said.

The solid brick units all have split system air conditioning, a carport and a private courtyard to the rear.

There is also a shared lawn and enclosed driveway.

While the listing suggests the property could be redeveloped, Baldino said the earning potential made it more likely to be purchased by an investor rather than developers.

He said more than 60 applications for the unit block were received in its first three days on the market and he expected there could be 20 registered bidders at the property’s auction, scheduled for February 7.

– by Lauren Ahwan