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  1. #11

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    Right - When we looked at the numbers they made great sense. I had ago at that level expecting someone would got far higher driving yields down as they’ve done over the past 24 months.

    This is one they didn’t.

    one unit will be taken with vacant possession, it will be tidied up and rented for $380-$395/wk. taking the yield to 7.8%

    the rear lot subdivided at a cost of $40k (one lot) or $65k if we can get 2 lots... sections around this location sell for $140-$150k so if selling was the plan one lot will nett $100k, two lots $215k meaning the total site yield increases to 11.3%gross and with a rent increase of $ 30 to about $30 below market in one of the other units the yield increases to 11.6%(at market 12%)

    There’s a bit of work that get to 12% and it might take a year but worth the effort I think.


 

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