27 Morehead Street SSouth Townsville QLD 4810
Property Details for 27 Morehead St S, South Townsville
27 Morehead St S, South Townsville is a 8 bedroom, 4 bathroom Unit with 4 parking spaces and was built in 1940. The property has a land size of 1012m2 and floor size of 75m2. While the property is not currently for sale or for rent, it was last sold in October 2023.
Last Listing description (November 2023)
This block of 4 x 2 bedroom fully tenanted units presents a rare opportunity for investors to enter Townsvilles BOOMING rental market. Designed as a block of units (has not been converted), this gorgeous big Queenslander sits proudly on a huge 1012sqm block, allowing opportunity for potential redevelopment in the future.
The property consists of 4 two bedroom, one bathroom units, each with their own private internal laundry and covered car accommodation, safely located at the rear of the property. The units are generous in their proportions, featuring large entries, spacious lounge rooms with high ceilings, gorgeous polished floorboards and modern bathrooms, while plenty of Queenslander character and charm has also been retained.
Located close to the CBD, this property is just minutes from the beach, Queensland Country Bank Stadium, ample restaurants, bars, parks and is within close proximity to Castle Hill, Flinders Street and The Strand. This premium location means very little vacancy time between tenants.
There is room for rental return improvement here but the property is already showing a very credible 6.8% gross return on asking price.
- Currently on one title, therefore NO body corporate
- Potential for further development subject to council approval
- 4 steady rental incomes currently sitting at approx. 6.8% gross return (see below)
- Covered parking for all 4 units at rear
- Each unit is in great condition featuring modern kitchens and bathrooms
Rental Appraisals:
UNIT 1 - approx. $310 per week
UNIT 2 - approx. $310 per week
UNIT 3 - approx. $310 per week
UNIT 4 - approx. $310 per week
That's a potential return of up to $64,480 per year which equates to an impressive approx. 7.5% Gross rental return!
Council Rates (Includes water): Approx. $6450.20 half yearly
Current Leases Agreements (Quality Tenants):
UNIT 1 - $280 p/w until 28.9.23
UNIT 2 - $270 p/w until 20.9.23
UNIT 3 - $300 p/w until 8.12.23
UNT 4 - $260 p/w on a periodic lease
Current yearly return $57,720
Opportunities like this dont come along often and with accommodation in HOT DEMAND in Townsville, this property will not last long! Call Catherine to arrange an inspection of this truly glorious property.
*Please note, some virtual furniture has been used.
Property History for 27 Morehead St S, South Townsville, QLD 4810
- 24 Oct 2023Sold for $792,350
- 31 Jul 2023Listed for Sale $849,000
- 06 Mar 2019Listed for Rent $210 / week
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About South Townsville 4810
The size of South Townsville is approximately 5.4 square kilometres. It has 7 parks covering nearly 4% of total area. The population of South Townsville in 2011 was 2,137 people. By 2016 the population was 2,352 showing a population growth of 10.1% in the area during that time. The predominant age group in South Townsville is 20-29 years. Households in South Townsville are primarily childless couples and are likely to be repaying $1400 - $1799 per month on mortgage repayments. In general, people in South Townsville work in a professional occupation. In 2011, 47.5% of the homes in South Townsville were owner-occupied compared with 44.8% in 2016.
South Townsville has 1,799 properties. Over the last 5 years, Houses in South Townsville have seen a 77.97% increase in median value, while Units have seen a 45.14% increase. As at 31 October 2024:
- The median value for Houses in South Townsville is $522,877 while the median value for Units is $408,887.
- Houses have a median rent of $500 while Units have a median rent of $495.
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