North Road West, Plymouth, PL1 5DJ
- PROPERTY TYPE
Terraced
- BEDROOMS
6
- BATHROOMS
4
- SIZE
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- TENUREDescribes how you own a property. There are different types of tenure - freehold, leasehold, and commonhold.Read more about tenure in our glossary page.
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Key features
- Four self-contained flats 2 x one-bedroom & 2 x two-bedroom apartments
- £29,400 current annual rental income
- £2,450 total monthly rent Approx
- 13.4% gross yield at £220,000
Description
Francis Stuart are pleased to offer for sale this substantial converted property on North Road West, Plymouth, arranged as four self-contained flats and currently producing a combined rental income of £29,400 per annum.
The property comprises two one-bedroom and two two-bedroom flats. All four flats are currently occupied by established tenants, with three of the four tenants having been in occupation for 10 years or more, providing an immediate income-producing investment from completion.
Flat 1 – £550 pcm | Tenant in situ 10 years
Flat 2 – £550 pcm | Tenant in situ 10 years
Flat 3 – £650 pcm | Tenant in situ 13 years
Flat 4 – £700 pcm | Tenant in situ 4 years
Total: £2,450 pcm / £29,400 per annum
Based on a purchase price of £220,000, the current income represents a gross yield of approximately 13.4
Flat 1 – EPC D | 32 m²
Flat 2 – EPC D | 22 m²
Flat 3 – EPC C | 39 m²
Flat 4 – EPC C | 43 m²
Total floor area: 136 m²
This is an established rental investment rather than a newly refurbished or turnkey block.
The property would particularly suit an investor looking for an income-producing multi-unit property with scope to improve and modernise the individual flats and wider building over time.
The information currently available identifies areas requiring future repair and improvement, including signs of water ingress, leaking shower areas and general upgrading. Part of the building is also understood to incorporate single-skin construction.
Buyers should therefore satisfy themselves as to the condition of the property and allow for appropriate repair and refurbishment works within their investment calculations.
All four flats have current EPCs, with ratings ranging from C to D and expiry dates in August 2036.
The individual EICRs supplied for the four flats record an overall Satisfactory assessment.
Gas safety documentation is available for Flats 1, 3 and 4, observations requiring confirmation or attention. Flat 2 has no Gas connected.
- COUNCIL TAXA payment made to your local authority in order to pay for local services like schools, libraries, and refuse collection. The amount you pay depends on the value of the property.Read more about council Tax in our glossary page.
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- PARKINGDetails of how and where vehicles can be parked, and any associated costs.Read more about parking in our glossary page.
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- GARDENA property has access to an outdoor space, which could be private or shared.
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- ACCESSIBILITYHow a property has been adapted to meet the needs of vulnerable or disabled individuals.Read more about accessibility in our glossary page.
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North Road West, Plymouth, PL1 5DJ
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Visit our security centre to find out moreDisclaimer - Property reference S1841976. 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 Francis Stuart, Plymouth. 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.
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