Elegant Apartment Complex With Established Rental Income

A rare opportunity to acquire a fully tenanted 19-unit apartment complex on a 1,674m² Freehold site in one of Auckland’s most tightly held inner-city locations. Positioned on the doorstep of Basque Park, and within a short walk of Ponsonby and the redeveloped Mt Eden CRL station, this property delivers established, reliable income streams from a modern, well-maintained, and easily managed property.

The well-appointed complex comprises 18 one-bedroom and one two-bedroom apartments across two buildings, with 23 on-site car parks. All 19 partially furnished units are self-contained and tenanted, with historically very low vacancy and long-term tenants. The property generates a gross rental income of $448,240 per annum, averaging $453/week, with a net operating income of approximately $381,056.

The Business – Mixed Use zoning currently permits construction up to 18 metres, with the proposed Plan Change 120 seeking to lift that ceiling to 50 metres. A previously explored subdivision scheme identified a 721m² surplus of land as a possible development opportunity for the future.

KEY FEATURES:
• Strategic 1,674m² Freehold site in Business – Mixed Use zone
• Modern, well-constructed, and maintained building
• 19 fully tenanted apartments generating $448,240 gross rental per annum
• Net income of approximately $381,056
• 23 on-site car parks
• Current 18m height limit with potential uplift to 50m under PC120
• Previous subdivision scheme identifying a 721m² surplus development site
• Near Basque Park and easy walking distance to Ponsonby and Mt Eden station

This is an excellent ”bottom drawer” property – contact the listing agents now for further details.

Deadline sale: Closes on Wednesday 17 June 2026 at 2:00 PM (unless sold prior)