‘Church’ commercial property country NSW (Belinda Smith)
2007 Purchased at $398,000
2014 Renovation spend $25,000
Current Value $490,000
Rental income before renovation $2,200 per month
Rental income now $3,220 per month
This commercial building is located in a NSW country town and comprises 3 x offices/shops downstairs and 2 upstairs residential fully furnished units. One of the upstairs units was in terrible condition and so only the living area could be rented out. In 2015 a new bathroom, kitchen and furniture fit out of this unit was completed costing $25,000. It was renovated to suit the demographic – railway workers, miners, geologists, tradesmen – with commercial grade flooring and laminate kitchen cabinetry. It was immediately rented for $250 per week, adding $1,000 per month to the property’s rent total.
Type property, real estate
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