10-14 River Street, Ulmarra

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TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED)

GROSS RETURN ON ASKING PRICE: 7.21 % p.a.
NET RETURN ON ASKING PRICE: 6.00% p.a. (Net of listed expenses, see detailed below)

If you are looking for the high returns of commercial real estate but don’t want the risk of having rent-free months between tenants you should consider this super-low risk residential complex in the historic river port village of Ulmarra. Around 12 mins drive from Grafton and a little under 40 mins from Yamba on the North Coast of NSW.

Built in 1982, this 10 townhouse complex features 9 x 2 bedroom 1 bathroom brick townhouses and an additional 1 x 1 bedroom residence plus individual carports.

Each townhouse enjoys its own private laundry, an additional toilet, and river views from a spacious upstairs verandah.

There is plenty of green space in the complex, which originally had approval for 15 townhouses to be built. A gorgeous riverside park across the road (Bailey Park) is a lovely neighbour to have and the village Police Station, Hotel/Restaurant and primary school are all within easy 3 blocks walk or less. The Commercial Hotel has a riverside restaurant that is very well regarded.

Current tenant mix is quite diverse with singles and couples of various ages. When vacant flats have taken an average of about 21 days to fill since the current owners bought in 2014, this means when a tenant gives notice (usually required to be 21 days) you can have a new tenant arranged before the old one has moved out.

Annual Rent:
Tenants pay weekly – $2450 per week
U1 $250pw, U2 $260pw, U3 $230pw, U4 $240pw, U5 $240pw, U6 $250pw, U7 $260pw, U8 $240pw, U9 $250pw, U10 $230pw (Rent increase from 26/11/18 to $240pw)

TOTAL ANNUAL RENT: $127 400 (No GST applicable).

Annual Expenses:
Council Rates: $1711 per year (CVC 2019 FY)/176500
Council Rubbish Bins: $1279 per year (CVC $319.65 per qtr)
Water Usage: $3000 per year (estimate, varies, paid quarterly)
Septic System Maintenance: $12 000 per year ($460 per fortnight)
Landlord Building Insurance: $3360 per year (Hollard Insurance cover exp. Dec 2018)

TOTAL LISTED EXPENSES: $21 350 PER YEAR

Agent Details

Angus McKimm

Director

mobile
0438 425 176

email
angus@mckimms.com.au

Agency Details

McKimms Real Estate

location

98 Fitzroy Street,
GRAFTON NSW 2460

phone

(02) 6642 1811

fax

(02) 6642 7053

email

mail@mckimms.com.au

McKimms Real Estate

phone

(02) 6642 1811

fax

(02) 6642 7053

email

mail@mckimms.com.au

address

98 Fitzroy Street,
GRAFTON NSW 2460

view on map

10-14 River Street, Ulmarra

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 1

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 2

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 3

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 4

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 5

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 6

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 7

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 8

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 9

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 10

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 11

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 12

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 13

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 14

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 15

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 16

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 17

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 18

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 19

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 20

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 21

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 22

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 23

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 24

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 25

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 26

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 27

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 28

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 29

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 30

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 31

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 32

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 33

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 34

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED) -image 35

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Description

TEN TOWNHOUSE COMPLEX RETURNING $2450 PER WEEK ( 9 x 2 BED, 1 x 1 BED)

GROSS RETURN ON ASKING PRICE: 7.21 % p.a.
NET RETURN ON ASKING PRICE: 6.00% p.a. (Net of listed expenses, see detailed below)

If you are looking for the high returns of commercial real estate but don’t want the risk of having rent-free months between tenants you should consider this super-low risk residential complex in the historic river port village of Ulmarra. Around 12 mins drive from Grafton and a little under 40 mins from Yamba on the North Coast of NSW.

Built in 1982, this 10 townhouse complex features 9 x 2 bedroom 1 bathroom brick townhouses and an additional 1 x 1 bedroom residence plus individual carports.

Each townhouse enjoys its own private laundry, an additional toilet, and river views from a spacious upstairs verandah.

There is plenty of green space in the complex, which originally had approval for 15 townhouses to be built. A gorgeous riverside park across the road (Bailey Park) is a lovely neighbour to have and the village Police Station, Hotel/Restaurant and primary school are all within easy 3 blocks walk or less. The Commercial Hotel has a riverside restaurant that is very well regarded.

Current tenant mix is quite diverse with singles and couples of various ages. When vacant flats have taken an average of about 21 days to fill since the current owners bought in 2014, this means when a tenant gives notice (usually required to be 21 days) you can have a new tenant arranged before the old one has moved out.

Annual Rent:
Tenants pay weekly – $2450 per week
U1 $250pw, U2 $260pw, U3 $230pw, U4 $240pw, U5 $240pw, U6 $250pw, U7 $260pw, U8 $240pw, U9 $250pw, U10 $230pw (Rent increase from 26/11/18 to $240pw)

TOTAL ANNUAL RENT: $127 400 (No GST applicable).

Annual Expenses:
Council Rates: $1711 per year (CVC 2019 FY)/176500
Council Rubbish Bins: $1279 per year (CVC $319.65 per qtr)
Water Usage: $3000 per year (estimate, varies, paid quarterly)
Septic System Maintenance: $12 000 per year ($460 per fortnight)
Landlord Building Insurance: $3360 per year (Hollard Insurance cover exp. Dec 2018)

TOTAL LISTED EXPENSES: $21 350 PER YEAR

Agent Details

Angus McKimm

Director

mobile 0438 425 176

email angus@mckimms.com.au

Agency Details

McKimms Real Estate

location

98 Fitzroy Street,
GRAFTON NSW 2460

phone

(02) 6642 1811

fax

(02) 6642 7053

email

Key Details

property ID 1670924

land size 2651m2

council rates $1711 2018/2019

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