10-14 River Street

Ulmarra NSW 2462

The Greater Grafton area in the Clarence Valley is undergoing a capital works boom at present, with Pacific Highway upgrades, a second Grafton Bridge and the construction of the largest Correctional Facility in Australasia underway and set to bring hundreds of new permanent jobs. Here is your chance to invest in the bright future of the local rental market! This super-low risk residential complex in the historic river port village of Ulmarra is 12 mins drive from Grafton and a little under 40 mins from Yamba on the North Coast of NSW. (Approx 2.5 hrs drive from Gold Coast airport).
Each individual rent at 10-14 River St is well below the local market median of $300-$330 per week, and affordable housing is very easy to rent out and hold tenants in!
This property combines the high returns of commercial real estate without the risk of having rent-free months between tenants.
Built in 1982, the complex features 9 x 2 bedroom 1 bathroom brick townhouses and an additional 1 x 1 bedroom residence plus individual carports. Each townhouse enjoys its own private laundry, an additional toilet, and river views from a spacious upstairs verandah.
There is plenty of green space on site, the original approval is for 15 townhouses to be built, meaning you still have space to develop STCA. A gorgeous riverside park across the road (Bailey Park) is a lovely neighbour to have and the village Police Station, Hotel/Restaurant and primary school are all within easy 3 blocks walk or less. The Commercial Hotel has a riverside restaurant that is very well regarded.
Current tenant mix is quite diverse with singles and couples of various ages. When vacant flats have taken an average of about 21 days to fill since the current owners bought in 2014, this means when a tenant gives notice (usually required to be 21 days) you can have a new tenant arranged before the old one has moved out.
Annual Rent:
Tenants pay weekly - $2460 per week
U1 $250pw, U2 $260pw, U3 $230pw, U4 $240pw, U5 $240pw, U6 $250pw, U7 $260pw, U8 $240pw, U9 $250pw, U10 $240pw
TOTAL ANNUAL RENT: $127 920 (No GST applicable).

Annual Expenses:
Council Rates: $1711 per year (CVC 2019 FY)/176500
Council Rubbish Bins: $1279 per year (CVC $319.65 per qtr)
Water Usage: $3000 per year (estimate, varies, paid quarterly)
Septic System Maintenance: $12 000 per year ($460 per fortnight)
Landlord Building Insurance: $3360 per year (Hollard Insurance cover exp. Dec 2018)
TOTAL LISTED EXPENSES: $21 350 PER YEAR