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Warwick Road, Carlisle CA1 5 bed terraced house for sale
Warwick Road, Carlisle CA1
£157,000
Warwick Road, Carlisle CA1
£157,000
Our Summary
- Planning has been approved for conversion for another 2 bed and studio apartment
- Property requires renovation
- Middle Floor Flat: Ready for conversion renovation for 2 Large Double Bedrooms, Bathroom, Kitchen, Living area
- Top Floor Flat: Ready for conversion into studio flatOnce fully renovated, the property could command a collective rental income of £21,000 - £23,000 p/a
- Potential for each apartment to be sold as separate units once renovated
- Apartment 2, 3 Portland Square, Carlisle, CA1 1AG Previously sold for £190,000*Property requires full renovation
- This lot is open to immediate offers and offered at a fantastic price to ensure an Auction sale
- The property will feature in our upcoming timed online auction
- To participate in the live auction, you must have a bidding account created
- Additionally, Carlisle's affordable property market and ongoing regeneration projects enhance its investment potential, making it an attractive choice for both residents and investors
Description
Prime Property Auctions presents a rare BRRR opportunity in Carlisle, a 5-bedroom mid-terrace house split into three flats. The property is located in a prime area, close to local amenities, schools, and public transport. The ground floor flat is currently tenanted, providing an annual income of £7,800. Planning has been approved for conversion of the middle and top floors into a 2-bedroom and studio apartment, respectively. Once fully renovated, the property could command a collective rental income of £21,000-£23,000 per annum, providing a 13% gross yield. The local area has seen strong demand, with recent sales of similar properties fetching £175,000, £185,000, and £190,000. The property requires full renovation, making it an excellent opportunity for shrewd builders, investors, and developers. With a guide price of £160,000, this property offers excellent capital growth potential and a rare project with remarkable BRRR potential.