•Available subject to auction terms and conditions
•Guide Price: £90,000+
•Current gross yield of 12.5%+
•Four-bedroom terrace property
•Approx. 92.13 Sq. M / 991.68 Sq. Ft.
The property is located on King Street, a popular rental location close to the city centre of Stoke-On-Trent. The property is a short walk from Staffordshire University and there are a range of amenities and shopping facilities within the immediate area.
This four-bedroom HMO offers accommodation arranged over two storeys. The property briefly comprises of four separate letting rooms, with kitchen facilities to each of the ground floor bedrooms and a shared kitchen for the two bedrooms on the first floor. There is a shared bathroom to the first floor.
To the ground floor off the hallway is the front bedroom with recently fitted kitchen. Adjacent to the stairs is the second bedroom with separate kitchen and store area to the rear, where there is a door leading out to the rear yard.
The first floor has a larger bedroom to the front of the property and a smaller bedroom to the rear. The shared kitchen is immediately adjacent to the top of the stairs. The bathroom has an electric shower, wash basin and W.C.
Ground Floor = 56.03 Sq. M. / 603.1 Sq. Ft.
First Floor = 36.1 Sq M. / 388.58 Sq. Ft.
Total = 92.13 Sq. M. / 992 Sq. Ft.
The property is currently partially let with three of the four rooms currently generating an income of (£11,320 per annum), reflecting a current gross yield of 11.37%, based on the guide price.
Once fully let, we estimate the property is likely to achieve around £15,000 per annum, which would reflect a potential gross yield of 15.08%.
The tenant to the ground floor front bedroom has been in occupation for approximately 1.5 years. The ground floor rear tenant has been in occupation for approximately 20 years.
Electric meters have been installed in all of the lettable rooms, covering approximately 80 – 90% of the electricity bill, with the remainder for the common areas covered by the landlord. The landlord pays all the water and council tax bills.
We understand the property has mains electricity, water, and drainage. However, interested parties should carry out their own investigations.
The property is rated in Council Tax Band A. Council tax payable for 2021/22 is £1,162.
2% (min. £3,600) inc. VAT.
Please contact a member of John Pye Property on 0115 970 6060 or email [email protected] to arrange an appointment.