73 HEAL Street New Farm, QLD 4005

This boarding house offers 14 rooms that bring in approximately $180/room. There are 11 rooms upstairs and 3 downstairs with a single kitchen, common area and bathrooms for both men and woman. The real opportunity is to build a further 16 more which is supported a development approval. (Contact agent for these documents)

The owner has been overseas for the last 2 years so no real P & L's are available; in short it hasn't been run at capacity or that efficiently. A tenant in the premises cleans the house and is charged a lesser rent. The owners currently manage the boarding house but if you where to obtain a manager than 10% of the rental would cover the costs.

With prices soaring in New Farm, this is a great opportunity to not only own land but a valuable asset.

Zoning: RB4
Rates: $1093.04/q
Land Size: 582m2
Rental currently: Approximately $2160/week
Insurance: Contact agent
Leases: No leases
Phone line: Yes
Water: $600/year
Electricity: $1300/year