You won't find a better bang for your buck at a 4.75x multiplier than this reputable and well-maintained MLR business backed by a strong BC salary representing 70% of the income. The coveted management and letting rights plus associated real estate are situated in popular Toowong, just 4km to the Brisbane city centre.
Run under a single scheme, this sought-after complex has recently topped up caretaking and letting agreements providing security of long tenure for the incoming manager and demonstrating a supportive working relationship with the committee.
The property boasts excellent on-site facilities, featuring a ground-floor office on title and a spacious 3-bedroom, 2-bathroom manager's unit. Priced at $900,000 for both, this represents incredible value and a desirable solution for a family to live comfortably on-site alongside potential income generation. Whether opting to reside onsite or rent out the manager's unit, this opportunity promises flexibility.
The proximity to top private or state schools enhances its appeal, making it an ideal choice for families looking to settle in the area.
- Solid net profit over $331,056
- One Body Corporate Scheme
- BC salary of $232,829 with annual CPI increases (70% of total income)
- Permanent letting pool of 33 units with upside through outside agent conversion
- Separate freehold title office located on ground floor & 3 bed / 2 bath apartment - $900K (below the bank valuation)
- Requirement to live onsite - option to rent out 3-bed manager's unit and reside in a 1 or 2-bedroom apartment
- Facilities include a swimming pool, spa, gym, and tennis court
- Long tenure remaining on accommodation module agreements
- Incredible convenience to shops, transport, education, entertainment and the city
- Inspections strictly by appointment only
