Description
Inner City King Studio - Perfect Getaway for Busy Professional - Approx. $437 p.w. Buy for $220K
Apartment Sold - MILTON QLD
[If you are looking for a similar property to this please call Jeff Smith 0432 00 33 55]
This is the best value for money king-bed sized studio apartment on the market. **FIRST CLASS LOCATION** approx. 2.3 km to CBD and close to all amenities. This is the perfect “home away from home for work or pleasure”. Call the agent for more details to see if this property is right for you. For the pure investor, all the financial details for this property can be found at the end of this advertisement and the numbers post-COVID are impressive. Please note this complex was not inundated by water from the late February/early March 2022 floods.
• Looking to be close to the city for short-term work or pleasure? (approx. 2.3 km to CBD)
• Looking for a refreshing, no stress lifestyle right in the heart of the action?
• Do you travel to Brisbane for business or pleasure? Then stay for a couple of days, stay for a week, stay for a month. Have it rented out when you are not in Brisbane. Note you can not use this apartment as your principal place of residence, however owners have good rights if you wish to stay (call the agent for further information).
• Free secure Car Parking when the owner stays
Stay occasionally or more frequently or have it rented out via Airbnb. Work out an agreement with the professional on-site Cosmo Apartments Manager that works for you. So many choices are available.
Apart from the cracking location, the flexibility in short-term stays, the next best thing about this apartment is that it’s very affordable.
ABOUT THE LOCATION
With Roma St Station Precinct upgrade (includes cross-River Rail) and new world class Queen’s Wharf Brisbane both under construction, together with the bonus of the Olympic Games being held in Brisbane in 2032, this is a no brainer for the long-term savvy buyer.
• Located on trendy Park Road
• Free high speed WiFi recently installed
• Walk to everything, restaurants, cafes, bottle shop, shopping areas and cinemas.
• Brisbane’s most acclaimed Chinese restaurant “China Sea – Milton” is a resident in this complex.
• Do you love sports and entertainment – Suncorp Stadium is 1.0 km away
• Walk to the Milton Train Station (two stops to the city)
• Walk to Milton CityCat Terminal (one stop to the city, two stops to Southbank parklands and restaurants)
• Walk to the City (approx. 2.3 km – 30 min)
• Do you like walking, running, or cycling – fantastic riverside walkway is just 100 metres away
ABOUT THE APARTMENT
• Stylish 4.5 star king-studio apartment on Level 2 (of 5 Levels)
• Tasteful decor and furnishings
• Self-contained kitchenette complete with kitchenware & microwave
• Washing machine and cloths drier in the bathroom
• Sold fully furnished
• Private balcony
• Quiet location towards the rear of the complex away from Park Rd
• Airconditioned
• Free car parking available when owner stays
• Professionally managed by Central Cosmo Apartments if you choose
• Small gym and large sauna
FINANCIAL INFORMATION ON THIS PROPERTY (for the pure investor)
Net revenue (Paid to Owner) after rental management fees, cleaning fees and maintenance costs was:
April/May/June 2022 (Occupancy rate was 86%; 79 days out of 91 days) – Net Revenue was approx. $5,693; (Gross approx. $10,869). Net $437 pw, WOW – bookings are better than PRE-COVID as predicted). If extrapolated to 2022/2023, the net revenue is approximately $22,772 p.a.
Net revenue for 2018/19 ($16,160). NOTE: MOSTLY PRE-COVID (Gross revenue of $38,787).
Net revenue for 2019/2020 ($13,158) During COVID (Gross revenue of $28,787).
Net revenue for 2020/2021 ($12,610) DURING COVID (Gross revenue of $26,387)
Net revenue for 2021/2022 ($14,049) MOSTLY DURING COVID (Gross revenue of $30,397)
Note that because daily rental rates have been increased earlier this year by about 20% across all apartments, combined with the opening of our international borders to visitors, the net revenue is expected to increase by 10% for owners. In April and May 2022 the occupancy for this apartment (#211) was 79 days out of a total of 91 days. Net revenue of approx. $5,693 (Gross approx. $10,869) IMPRESSIVE.
Extra Expenses
Brisbane City Council Rates: Approx. $431 per quarter
Qld Urban Utilities (Water). Approx. $291 per quarter
Body Corporate Fees: Admin & Sinking Fund = $4,595.28 per annum (admin is $2,575.62 p.a. and Sinking Fund is = $2,019.66 p.a.)
Balance of Sinking Fund: $348,004 as of 14/06/2022.
Call or Text Jeff Smith on 0432 00 33 55 to arrange your inspection (or virtual tour) of this fabulous apartment.
Property Features
- Apartment
- 1 bed
- 1 bath
- 1 Parking Spaces
- Garage
