Strategically located, 157 Ninth Avenue in Inglewood is an investor’s dream address.
Consisting of 24 apartments, this offering is prime real estate, just a hop, skip and a jump from a suite of amenities, according to Edison Property Managing Director Pasquale Cianfagna.
“I think what is significant here is the large landholding this property boasts,” he said.
“Beaufort Street is just around the corner and
not much further away are a variety of good cafes, restaurants and bars.”
Located close to public transport, it is just a bike ride away from Edith Cowan University’s Mount Lawley campus and a train line, as well as a short drive from the city centre and the airport, making it a strategic investment for those looking to build within a strong location.
“This suits either an investor looking for a secure opportunity or a developer looking to knock down and redevelop the current site into something else,” Mr Cianfagna said.
Mr Cianfagna said the apartments were currently zoned R40 on a land size of 2276sqm, with 23 apartments leased, posting a gross estimated income of $280,000 per annum.
Eighteen of the apartments within the development are one-bedroom, one-bathroom configurations, while the remaining six are two-bedroom, one-bathroom.
“The market has also increased from a rental point of view, so the option is there to make money – the choice is yours,” Mr Cianfagna said.
Built in 1970, the complex has remained within the same family, with the current owner’s parents initially building the apartment block.
“It has that old-fashioned feel to it – Salamander brick, for example, which means it was very well built back in the day,” Mr Cianfagna said.
“This is the first time ever that someone has had the opportunity to purchase this type of development.”
This apartment building is open for viewing Saturday December 4 from 11-11.40am.
157 Ninth Avenue, Inglewood
Auction: Onsite Saturday December 11 at 11am
Agent: Edison Property
Contact: Pasquale Cianfagna, 0418 907 300
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