Elegant Apartment Complex With Established Rental Income

A rare opportunity to acquire a fully tenanted nineteen-unit apartment complex on a one thousand six hundred seventy-four square meter 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 Mount Eden CRL station, this property delivers established, reliable income streams from a modern, well-maintained, and easily managed property.

The well-appointed complex comprises eighteen one-bedroom and one two-bedroom apartments across two buildings, with twenty-three on-site car parks. All nineteen partially furnished units are self-contained and tenanted, with historically very low vacancy rates and long-term tenants. The property generates a gross rental income of four hundred forty-eight thousand two hundred forty dollars per annum, averaging four hundred fifty-three dollars per week, with a net operating income of approximately three hundred eighty-one thousand fifty-six dollars.

The Business – Mixed Use zoning currently permits construction up to eighteen meters, with the proposed Plan Change 120 seeking to lift that ceiling to fifty meters. A previously explored subdivision scheme identified a seven hundred twenty-one square meter surplus of land as a possible development opportunity for the future.

KEY FEATURES:
• Strategic one thousand six hundred seventy-four square meter Freehold site in Business – Mixed Use zone
• Modern, well-constructed, and maintained building
• Nineteen fully tenanted apartments generating four hundred forty-eight thousand two hundred forty dollars gross rental per annum
• Net income of approximately three hundred eighty-one thousand fifty-six dollars
• Twenty-three on-site car parks
• Current eighteen-meter height limit with potential uplift to fifty meters under PC120
• Previous subdivision scheme identifying a seven hundred twenty-one square meter surplus development site
• Near Basque Park and easy walking distance to Ponsonby and Mount Eden station

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

Deadline sale: Closes on Wednesday seventeenth June two thousand twenty-six at two o’clock PM (unless sold prior)