The Port Lincoln property comes with four residences.
How’s this for bang for buck? For the same price as just one residence in some Adelaide suburbs, a rare Port Lincoln property is giving buyers the opportunity to own four.
The unique multi-title property at 31 Myers St, which has hit the market with a $1.5m price guide, comes with a three-bedroom home, two-bedroom cottage and two two-bedroom units.
For roughly the same price, buyers could currently buy just a single home in several Adelaide suburbs, including Gilberton, Somerton Park, Brighton, Seacliff, Goodwood, Glenelg, Stirling and Nailsworth, latest figures from PropTrack show.
31 Myers St, Port Lincoln.
31 Myers St, Port Lincoln.
31 Myers St, Port Lincoln.
The Port Lincoln property has the added bonus of strong earning potential, with Kemp Real Estate selling agent Georgie Kemp confident the new owner could stand to reap almost $90,000 a year should they rent out all four dwellings at market rates.
With some minor cosmetic work, the rental returns could be even higher, she said.
“It really wouldn’t take much (to further increase the potential rent),’’ Ms Kemp said.
“It’s probably just modernising (the dwellings) as much as anything, with some new curtains and paint.
“Eventually, you could look to do the kitchens and bathrooms but you wouldn’t really need to (immediately) – the tenants (in the cottage and units) have been very good, long-term tenants who have kept everything pretty immaculate.’’
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Ms Kemp said the house was only recently vacant, having been occupied by the elderly owner who has now moved in with family to receive care.
Strong demand for rentals in Port Lincoln meant there should be no problem finding a tenant for the home, she said.
The cottage and unit tenants – who had been paying below market rents in return for keeping the dwellings in such good condition – were all happy to remain at the property, subject to the rent the new owner charged, Ms Kemp said.
31 Myers St, Port Lincoln.
31 Myers St, Port Lincoln.
31 Myers St, Port Lincoln.
While there had been strong interest from local and interstate buyers who planned on continuing to rent the dwellings, Ms Kemp said future development potential was also an attraction.
Spanning 1910sqm across two titles, with street frontage on three sides, she said the property presented an opportunity for further subdivision, subject to necessary approvals.
“Multi-title properties are pretty popular,’’ Ms Kemp said.
“There’s probably only been one other of these (come to market) in the last couple of years so they are quite rare and that’s led to a really good level of inquiry.’’
– by Lauren Ahwan
English (US) · 