Offer
82 Crole Dr, Warragul, Victoria, AU
Capital Required
Capital Required
$ 200k
Capital Profit
Capital Profit
$ 20k
ROI
ROI
10% pa
About this opportunity
This is one of two developments we concurrently constructing. (See 88 Crole Dr, for the other project)
The concept of a rooming house has been around for over a hundred years and can also be referred to as share housing, room sharing or a boarding house. A Micro-apartment is a type of rooming house that provides
2 x Micro-apartment housing developments, which will be purpose built by our trusted Developer.
We will construct 2 Rooming house buildings with 9 x micro apartments on each site (land of approximately 580m2 per site). Building consent for both properties has been approved ,and the project are 90% and 70% complete, respectively.
The project timeline anticipates both of the buildings being fully tenanted by October 2023.
Each building will consist of 1 communal area and 9 Micro-apartments, each containing:
• A built-in Kitchenette
• 1 Bedroom
• 1 Bathroom
• Storage area
• Foyer Entrance
Validated rental appraisal is $250-00 per week per unit. This will return a gross of $117,000 per annum.
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Financials
| Land Price | $260,000 |
|---|---|
| Construction Cost | $650,000 |
| Consultants, Council Costs, Sales & Marketing, Interest cost, Holding Cost, Contingency | $72,000 |
| Fair Market End Value | $1,300,000 |
| Rental Income | $105,300 (@90% Occupancy) |
| Running Expenses (Operating, Management Fee, Rates, Utilities, Insurance, Land Tax) | $36,160 |
| Mortgage @7% | $37,800 |
| Estimated ROI | 12% pa |
