- Property Type: House
About this listing
The property being strategically positioned and classified as GRZ2 (GRZ6* Proposed) has 6 full-sized bedrooms, 2 bathrooms, living room, double lock up tandem garage with built-in workshop. The property has a laundry area with extended plumbing potentially for an additional shower. Just a minute walk to Monash University makes this a superb buy as a student accommodation with a current single tenancy lease in excess of $900 per week. Chance to own this property for neutral/positive cash flow with minimal efforts as the property could realistically pay off itself. Learning & Teaching Building a multi-million dollar expansion of Monash University*.
Front house consists of 3 bedrooms, 1 bathroom, kitchen and dining area, large living area being potentially converted to another bedroom. The interconnected rear bungalow accommodates another 3 large bedrooms with built in robes, basins and an additional bathroom. Providing unlimited options to live in and rent out, this property appeals to all. Easy access to all public transport and all Monash's many facilities. The property is just opposite to Mannix College and approx. 5 minutes drive to Monash Medical Centre. Potential to redevelop (STCA) and a great income earner, subjected to council approval. Easy access to public bus transport on Wellington Road (703,707,802,804,862) and Princes Highway (800). A hot property and a golden opportunity not to be missed.
Points for consideration:
1) Lease as is and collect rent from existing 6 bedrooms
2) Update and renovate to increase rent and collect from 6-7 bedrooms
3) Live in and HOMESHARE with other tenants
4) Convert to Student Accommodation with potential higher weekly rental return Option B Be patient, get tenants to pay off most of the mortgage and build a 10 - 15 apartments on site (subjected to council approval)
*The GRZ6 applies to residential land within the Clayton Activity Centre. This zone encourages greater housing intensity and diversity within the Clayton Activity Centre.