Rostrevor unit block that earns almost $100k rent a year for sale

A block of units at Rostrevor looks set to spark a bidding frenzy among those seeking to capitalise on a quick resale or stay the course and earn rental returns of about $100,000 a year.

Selling agent Andrew Baldino, of Ray White Campbelltown, said separate community titles for the four units at 13 Karawirra Ave had created phenomenal buyer interest.

The titles mean the units can be sold individually, however Mr Baldino said the deceased owner’s siblings were instead choosing to sell the units as a whole.

No price guide has been released however Mr Baldino expected the 936sqm property would be sold for “capital value only’’.

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1-4/13 Karawirra Ave, Rostrevor.

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1-4/13 Karawirra Ave, Rostrevor.

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1-4/13 Karawirra Ave, Rostrevor.

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He said a “more developed’’ three-bedroom house on a similarly-sized block on the same street was sold late last year for $1.52m.

The current median price for a single unit in Rostrevor is $672,000, according to PropTrack, which means if the units were sold individually, the entire property could be worth more than $2.68m.

Mr Baldino conceded it was unusual for a unit block that could be sold in pieces to be offered as a whole.

“It is unique,’’ he said.

“The units are pretty much all (in) original (condition) and you would have to put a bit of lipstick on them to bring them up to a better standard.

“But investors probably prefer them a bit rundown so they can improve the value of them when they renovate them.’’

He said many potential buyers were also keen to harness the property’s rental potential.

Three of the four units are currently tenanted, while the fourth was recently vacated.

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1-4/13 Karawirra Ave, Rostrevor.

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1-4/13 Karawirra Ave, Rostrevor.

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1-4/13 Karawirra Ave, Rostrevor.

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As is, each two-bedroom unit could return $450 in rent each week – totalling $1800 a week across the entire unit block, or $93,600 a year, Mr Baldino said.

With minor cosmetic improvements, each unit could rake in an extra $50 a week, bringing the total rental income to $2000 a week, or $104,000 a year, he said.

The solid brick units all have split system airconditioning, a carport and a private rear courtyard.

There is also a shared grass area and a gated driveway.

While the listing suggests the property could be redeveloped, Mr Baldino said its earning potential meant it was more likely to be purchased by an investor than developers.

He said more than 60 inquiries for the unit block were received in the first three days on the market and he expected there could be 20 registered bidders at the property’s auction, which is scheduled for February 7.

– by Lauren Ahwan