Property Details

Description

Already leased returning 250 pw, 13% PA
First constructed as 44 bed-sitter dwelling units in a Special Accommodation Residential Building, these units have since been subdivided into fully Strata Titled Bed-sitter Dwelling Units in prime Residential Zone 1, Frankston. There are no restrictions on the use of the property except those usually associated with an Owners Corporation.
The Unit is one of the best located in the building close to main entrance, at ground level and with large sliding glass door and window opening to a private patio extending to common surrounding gardens. It has an en-suite bathroom (shower, toilet and vanity) and kitchenette. As an Owners Corporation managed building with added security (coded lock entry and CCTV), the owner/resident has the use of a huge common area including lounge room, dining room, chat rooms, card-swipe laundry, additional shared kitchen, gardens and park-anywhere off-street parking. No gas or electricity bills/accounts. The owner only pays very low water and council rates and owners corporation fee. None of those catches like delayed management fees or in-going or out-going fees associated with Retirement Villages. No steps or stairs. This will be your strata titled OYO unit to live in or rent out.
This offer is unique in that a live-in owner (or investor) can buy this unit paying it off with repayments less than the rent! An ideal downsizer to avoid mortgage stress or wise investment. It would also suit Airbnb management.
Sandpiper Place is a quiet cul-de-sac with a walkway at the sac end to Ballam Park, Ballam Village, Centro Karingal shopping, two schools and a college. A walkway from the back gate brings you onto Cranbourne-Frankston Rd with St John of God Hospital, clinics and the Frankston RSL Club just across the road. Buses 789, 790 and 791 stop less than 200m frequently servicing Frankston CBD and Rail Station and is ideal for tertiary students of Monash University and Chisholm Frankston TAFE campuses. Ideal for Medical and Nursing students at Frankston Hospital and in particular, The St John of God Hospital which is just across the road. It is equidistant between Frankston Freeway and Peninsular Link.
This is a fabulous part of Frankston and the most affordable Estate Fee Simple Property Title imaginable at $110,000 to $130,000 and a good discount can be negotiated if not 'subject to finance'
This is obviously very undervalued. (See the Statement of Information for the median price of 3 recent comparable property sales within 2 km) This unit is currently leased for $250 pw. That's a gross return of 13 % (on $100,000) or over 11.8% (on $110,000). It can be purchased tenanted or vacant possession with a notice period from entering contract). The owner is reluctant to sell but has a genuine reason for selling and has priced it for a quick sale.