2 Mittagang RoadCooma NSW 2630
Property Details for 2 Mittagang Rd, Cooma
2 Mittagang Rd, Cooma is a 8 bedroom, 8 bathroom Unit with 2 parking spaces. The property has a land size of 6623m2. While the property is not currently for sale or for rent, it was last sold in May 2022.
Last Listing description (September 2024)
A rare, strategically positioned investment opportunity is now available with this block of eight renovated and furnished brick units.
Offering excellent rental returns secured by long-term leases, this is a set and forget passive income stream with potential for future capital growth.
The Units:
- 8 x 1 Bed, 1 Bath, 1 Vehicle solid brick units, ideal for long-term tenants
- Open plan kitchen, living & dining areas and for modern convenience
- All units feature built-in wardrobes and ensuite bathrooms
- 6 dedicated car spaces and 2 garages provide ample tenant parking
- High-quality flooring including timber, vinyl, carpet, and tile
- Tenants enjoy access to a shared yard and individual clotheslines
- Private internal laundries in 5 units, with a shared strata common laundry for the remaining 3
- Located in close proximity to the Snowy Hydro Project, ensuring strong rental demand
Rental Return:
Current net rental income of $115,000+ per annum
Potential to increase this to $121,000+ per annum by renovating the last original remaining unit (has been tenanted by the same tenant for 20 years)
This is a set-and-forget investment, offering stable returns in a growing market.
Why Invest in Cooma?
Growth Trajectory: Cooma has experienced a steady rise in property values, with an average annual growth rate of 5.2% over the past five years. This upward trend is fuelled by ongoing infrastructure developments and an expanding local economy.
Population Dynamics: The towns population is on an upward trajectory. As Cooma attracts more residents seeking a balanced lifestyle with easy access to the Snowy Mountains, demand for quality rental properties is expected to increase.
Property Highlights:
Prime Location: Situated only a stones throw away from the Snowy Hydro Scheme, these units are perfectly positioned to take advantage of the towns growing appeal and influx of contract workers. The units are also near essential amenities, including shopping centres, educational institutions, and healthcare facilities.
Potential Investment Benefits:
High Rental Demand: Coomas rental market has shown resilience and growth, with an average rental yield of approximately 4.8% (these units have a net return of +6%). The increasing population and limited new housing developments contribute to a strong demand for rental properties, ensuring steady occupancy rates.
Low Vacancy Rates: Cooma has consistently demonstrated low vacancy rates, reflecting a healthy demand for rental accommodation. This stability is a key indicator of the towns attractiveness to tenants and its potential for long-term investment success.
For further information or to arrange an inspection, contact Brendan on - 0438447201 today!
Property History for 2 Mittagang Rd, Cooma, NSW 2630
- 26 Sep 2024Listed for Sale Contact Agent
- 20 May 2022Sold for $1,100,000
- 12 Mar 2019Listed for Sale $575,000
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0About Cooma 2630
The size of Cooma is approximately 97.8 square kilometres. It has 16 parks covering nearly 4.2% of total area. The population of Cooma in 2011 was 6,664 people. By 2016 the population was 6,681 showing a population growth of 0.3% in the area during that time. The predominant age group in Cooma is 50-59 years. Households in Cooma are primarily childless couples and are likely to be repaying $1000 - $1399 per month on mortgage repayments. In general, people in Cooma work in a professional occupation. In 2011, 67.5% of the homes in Cooma were owner-occupied compared with 64.5% in 2016.
Cooma has 4,013 properties. Over the last 5 years, Houses in Cooma have seen a 74.88% increase in median value, while Units have seen a 25.02% increase. As at 31 October 2024:
- The median value for Houses in Cooma is $493,998 while the median value for Units is $443,324.
- Houses have a median rent of $495 while Units have a median rent of $350.
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