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Orange unit block and duplex with 12 residences sold for $3.5 million
February 8, 2023
By Peter Holmes
A block of 12 apartments at the southern end of Sale Street has sold for $3.485 million.
The buildings on the 2,279-square-metre site have eight two-bedroom units and four one-bedroom units.
A main block houses 10 of the units and the two residences in the rear duplex have two bedrooms each.
The listing stated that all apartments were rented to long-term tenants, “generating a gross rental income of $156,260 with outgoings of approximately $30,700”.
This 2BR house in Orange sold for $540,000 in 2020. One makeover later, it's yours for $1.29 million
It said that with “current rent review” the gross could be $193,960, an increase of around 24 percent.
The agent said a buyer could “renovate and increase the current rent, keep on one title and enjoy the returns, or strata the units and sell them individually. There is also some scope for further development of the site, subject to council approval”.
Some of the units have been updated with kitchens, carpet and painting, and there is upgraded storm water plumbing, and new carpet and paint in common areas.
There are 10 carports, three lockup garages and two spaces for visitor parking.
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