Currently two residential flats with further development potential
Sitting on 1012 sqm metres and zoned commercial with an existing use of residential. Located right next to KFC and walking distance to everything. Preliminary discussions with council indicate that they would probably look favourably at further residential on the site. Currently returning $490 per week. This equates to a net 5% as it stands right now. It wouldn’t take many tweaks to see that return increase easily.
This really is an investment that will wash its own face while you investigate it’s further development potential, be it residential or commercial. There is currently a rental crisis in Innisfail, as in much of the country, so you could expect virtually zero vacancy. With banks offering as low as 1.89% interest rates at the moment, if your bank agrees you could feasibly borrow the whole amount to purchase and still make a profit.
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