6 bedroom end of terrace house for saleCotmanhay Road, Ilkeston
Withdrawn from Market £162,499
- House of Multiple Occupancy
- High-yield (up to 13.3% gross)
- Recently refurbished
- Gas Central Heating
- Investors Only
- No Onward Chain
- Town Location
- Unrestricted parking on the street
Full description**INVESTMENT PROPERTY**
A rare investment opportunity to purchase a ready-made business, a freehold House of Multiple Occupation where rooms are rented out on a room by room basis on 6-month ASTs (Assured Shorthold Tenancies).
Up to 13.3% gross yield! (Potential for up to 15.5% gross yield!)
The property has recently been renovated to a high standard and has an excellent location being close to all local amenities.
The property is a Victorian end-terrace property. A refurbished, renovated and extended House of Multiple Occupancy (HMO) containing six lettable rooms, situated in this popular location of Ilkeston in the East Midlands between Derby and Nottingham, with very easy access to the town centre and local transport links.
There is unrestricted parking on nearby roads.
An ideal investment opportunity.
There is also a 7th room that could also be let (subject to relevant permission from the local council, meaning gross rental income would increase to £30,940 per year! A staggering potential 15.5% gross yield!
The property has modern bedrooms and three modern bathrooms, complete with showers, lavatories and sinks.
There is a communal kitchen with integrated oven and hob, fridge-freezer, washing-machine and a range of base and eye-level units with complementary work surfaces over and a separate communal dining area.
The property has been recently refurbished to a high standard with modern neutral décor and laminate wood flooring throughout.
Gas central-heating and double-glazing ensure the building is very energy efficient making it an attractive prospect for tenants and owners.
The property is currently half tenanted achieving an excellent yield; however, this could be further improved upon. It has previously been 100% occupied.
This property is a very attractive rental proposition making it a really strong investment opportunity.
The rental income is £85 per room per week, therefore generating an annual income of £26,520 gross rent. This is a fantastic high-yielding business.
A recent valuation (for mortgage purposes) of £199,000 has been carried out for our nearby similar property so when fully tenanted, the yield is 13.2% gross.
A local agent is used to source tenants and fully manage the properties for 12% of the rent, i.e. 12% of the £26,520 p.a. so this gives 11.7% yield at £199,000 after agent's costs.
If you would like to register your interest in this investment then please contact MOVE to book your exclusive early appointment today
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