Unit 23/2-12 Busaco Road, MARSFIELD

2 beds | 2 baths | 2 cars

Courtyard & bushland
Lounge
Dining
Kitchen
Main Bathroom
Bedroom & Balcony
2nd Bedroom
Front of Townhouse
Pool area

[ Click here to view property floorplan ]

Agent(s) Contact

Gail Jackson

M: 0408448692

INVESTORS ONLY-NOW UNDER CONTRACT

$400,000

Property Tools

This well presented townhouse is leased by Medina Apartments for the next ten years so you'll be buying a townhouse at discounted price because it is purely an investment property. The rental income is guaranteed, there is no vacancy, no letting fees and no management fees either. The split-level townhouse has two double bedrooms, two bathrooms with separate dining and lounge areas. It gets plenty of light and the rear courtyard backs onto the bush reserve. The complex also has a swimming pool and amenities.

Size- 146 sq metres internally, with 2 car parking spaces on title (34 sq m) Total: 180m2

Rent- Currently it is $1882.91 per month which is approximately $435 per week with rent to be reviewed to market.

Rent review- Annually by CPI or 3% which ever is greater and to market on exercise of option

Lease term- The lease has five months to run with two option periods of 5 years each (these options are solely Medina's call not the owners). If Medina decides to take up their options, which we suspect they will, then the place remains leased to them. If they don't then you will be free to move in yourself at the end of the lease term or rent to another tenant at market rent.

Strata Sinking Fund: $235.50 quarter (Medina pays the Strata Admin levy)

Council: $205.00 quarter

Water: $132.65 quarter

There is a quarterly fee to cover the cost of maintaining the fixtures, furnishing and equipment in the property of $396.73.

There are no separate management fees charged by Medina Apartments.

Finance: The Banks treat serviced apartments as commercial property. They will generally lend between 50-70% of the property value only. Our experience is that they will not lend 90-95%. They require a valuation for the loan and recent sales in this block have been taken into account when setting our asking price.