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7 bedroom house of multiple occupation for sale

Kings Road, Middlesbrough, Cleveland, TS3

Sold STC £82,000

Property Description

Key features

  • Potential Seven Bedroom HMO
  • Anticipated 30,940 pa gross income - 37.7% gross yield
  • Potential net yield - 26.4%
  • Would benefit from a course of refurbishment
  • Licence expired but can be reissued.
  • Wash basins in each room
  • Double glazed throughout
  • Gas central heating - requires boiler
  • Potential to add value
  • Freehold

Full description

Location
The property is situated on a prominent corner position fronting onto both Kings Road and Millfield Road, just off the A1085 in the popular residential area of North Ormesby in Middlesborough.

There are a wealth of amenities within a close proximity to the property including local shops, pubs and restaurants.

Teesside University is located just 1 mile from the property and takes approximately 15 minutes by foot, making this ideal location for students

The A172 gives easy access to the
A66, providing excellent commuter links to Middlesborough city centre which is situated just 2 miles west of the property. Stockton-On-Tees can be reached within 20 minutes by car and is just 7.3 miles away.

Description
The property is entered via a small palisade overlooking Kings Road. The main entrance hall provides access to the communal lounge area with dual aspect glazing and beamed ceilings. In addition the ground floor hosts bedroom one, a fitted kitchen with a range of base and eye level units and stainless steel sink with drainer and also a downstairs bathroom with fitted 3 piece suite.

To the first floor there are 4 further bedrooms and a second bathroom with fitted 3 piece suite. The top floor hosts 2 further bedrooms.

All bedrooms are double glazed, have a radiator and are fitted with wash hand basins.

Outside of the property is a rear yard and ample unrestricted on street parking is available on Millfield Road.
Accommodation
Lounge: 4.82m x 3.60m plus bay.
Bedroom 1: 3.60m x 4.02m plus bay
Kitchen: 4.96m x 4.26m (max inc storage)
Bathroom: 2.50m x 1.98m
Bedroom 2: 2.59m x 2.81m
Bedroom 3: 4.02m x 3.57m
Bedroom 4: 3.55m x 3.35m
Bedroom 5: 2.54m x 2.27m
Bathroom 2: 2.73x x2.19m
Bedroom 6: 3.27m x 2.84m
Bedroom 7: 3.24m x 3.78m
TOTAL FLOOR AREA 144.82 m2

Services
We understand the property is connected to mains gas, electricity, water and drainage.

Tenure
The property is freehold

Investment Analysis
In order for the property to be let the property would require a series of improvements to mainly include as a minimum, new boiler, replacement of bathrooms, all flooring covers and general redecoration. Once these works are undertaken it is envisaged an average gross rent of 85 per week per room with bills included. This provides a gross income of 30,940 pa representing a gross yield of 37.7% based on a guide price of 82,000.

With a 30% allowance for management, maintenance & void periods this provides a potential net yield of 26.4%.

Council Tax
The property is rated in Council Tax Band B. Council Tax payable (2016/2017) is 1338.32 p.a.

More information from this agent

Listing History

Added on Rightmove:
16 June 2016

Nearest stations

  • Middlesbrough (1.2 mi)
  • South Bank (1.7 mi)
  • Marton (1.8 mi)
Distances are straight line measurements from centre of postcode

Nearest schools

Use the school checker

To view this property or request more details, contact:

John Pye Property, Nottingham

James Shipstone House, Radford Road, New Basford, Nottingham, NG7 7EA

0115 798 0657 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Middlesbrough (1.2 mi)
  • South Bank (1.7 mi)
  • Marton (1.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

John Pye Property, Nottingham

James Shipstone House, Radford Road, New Basford, Nottingham, NG7 7EA

0115 798 0657 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference kingsroadmiddlesborough. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by John Pye Property, Nottingham . Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.

Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”

Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call John Pye Property, Nottingham on 0115 970 6060.


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