SOLD
Sold on 19 Jan 2024 for $880,000

8 Marian Street
The Gap QLD 4825

Bedrooms: 10
Bathrooms: 3
Car spaces: -
Land area: 2024m2
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Property Details for 8 Marian St, The Gap

Building Type
Commercial
Land Size
2024m2
Local Government
Mount Isa
Lot/Plan
43/MPH13993

Last Listing description (May 2024)

SPACE Property is proud to present a fantastic opportunity to purchase an established 30 room Level 1 boarding house in Mount Isa.

Mount Isa is going from strength to strength as the mining/gas and agriculture boom continues to roll on in the region and this property is perfectly placed to take advantage of the growth in the years to come.

The Star Inn is conveniently located adjacent the Mt Isa Village Shopping Centre which includes a Coles, Kmart and a number of specialty stores. It is within 10 minutes' walk of Outback @ Isa, Mount Isa Lookout and the Greyhound Bus Station. It is less than 15 minutes' drive from Mount Isa Airport, Mount Isa Railway Station and the Mount Isa Mine.

The property is configured as a mix of single (26), double (3) and twin (1) rooms, a self-contained managers and caretakers accommodation. Residentials enjoy shared bathrooms, shared full kitchens, BBQs, laundry and off-street parking. The guest rooms are air-conditioned and feature a desk, a TV, a wardrobe, a refrigerator, tea/coffee making facilities and Wi-Fi.

Tenants are typically short- and long-term contract workers, backpackers, budget vacationers and those just passing through the area. Room rates range from $200 per week (Single) to $250 per week (Double). The property has a website and a Bookings.com portal which makes guest management even easier.

This property is perfect for an owner operator/couple looking to take advantage of the generous income and low/minimal work hours.

A comprehensive due-diligence package is available upon request and inspections can be arranged via the on-site manager.

Please feel free to contact me for more information on this great opportunity.

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Property History for 8 Marian St, The Gap, QLD 4825

A timeline of how this property has performed in the market
Last Sold
$880,000
19 Jan 2024
Listed for Rent
03 May 2022
  • 19 Jan 2024
    Sold for $880,000
  • 07 Jul 2022
    Listed for Sale For Sale
  • 22 Mar 2022
    Listed for Sale For Sale
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About The Gap 4825

The size of The Gap is approximately 0.7 square kilometres. It has 3 parks covering nearly 21.3% of total area. The population of The Gap in 2011 was 801 people. By 2016 the population was 824 showing a population growth of 2.9% in the area during that time. The predominant age group in The Gap is 20-29 years. Households in The Gap are primarily couples with children and are likely to be repaying $1400 - $1799 per month on mortgage repayments. In general, people in The Gap work in a trades occupation. In 2011, 37.7% of the homes in The Gap were owner-occupied compared with 38.4% in 2016.

The Gap has 556 properties. Over the last 5 years, Houses in The Gap have seen a 23.56% increase in median value, while Units have seen a -24.20% decrease. As at 31 October 2024:

  • The median value for Houses in The Gap is $239,671 while the median value for Units is $255,297.
  • Houses have a median rent of $450 while Units have a median rent of $295.
There are currently 1 property listed for sale, and no properties listed for rent in The gap on OnTheHouse. According to CoreLogic's data, 16 properties were sold in the past 12 months in The gap.

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