Sold
221 Cogelup Way, Tom Price WA 6751
Sold price: $1,400,000
Sold: 31 Aug 2023
Sold
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9 Bedrooms
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4 Bathrooms
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6 Cars
House
View
MAKING $230,000 INCOME EACH YEAR, THAT'S 12% ROI
3 SEPERATE HOUSES ALL ON THE ONE TITLE
You really need to see this set up! It's an Investors' ideal investment property!
The “Big House” as its affectionately referred to, is a modern 2 storey home that is currently on a fixed 2 year lease agreement at $2000 per week. The corporate tenant has been a long term occupant of this property for over 10 years, and wishes to continue to use this as their primary place of residence in Tom Price.
It consists of a very modern kitchen complete with commercial sized gas cooking appliances, red wood cabinetry, which leads on to the roomy open planned living and dining space.
Down stairs are two spacious bedrooms, both fitted with split air conditioning, which are serviced by a spacious bathroom and laundry, which you cane walk through, to get access to one of the side verandah areas.
Access from the downstairs living area takes you straight out to shady wrap around verandahs, a HUGE lock up workshop and the under cover parking spaces. Furthermore, the rear area of this house block, is also accessible from two separate double access gates from the two road side areas.
Upstairs is the location of a very light and bright adult retreat living space, complete with a lovely walk out balcony, which offers sweeping views of the nearby hills of Tom Price. The retreat is serviced by a full sized ensuite bathroom and a large BIR.
House 2 and House 3, which are separately accessed from another street and have their own seperate driveways.
Perfectly designed to meet the accommodation needs of extended family members, or better still, these can be used for staff accommodation requirements.
Both House 2 and House 3 are modern looking and are made of colourbond construction, offering 3 bedrooms, an open plan kitchen and loungeroom area, one fully sized bathroom, one separate laundry and are individually fenced, providing extra privacy and security.
House 2 is currently leased to a long term corporate tenant at $1200.00 per week on a fixed lease which is due to expire on the 31st August 2023.
House 3 is currently leased to a long term corporate tenant at $1300.00 per week on a fixed lease which is due to expire on the 12th June 2023.
In today’s Tom Price rental market, where demand far outstrips supply, the Big House is attracting a rental income of $2000 per week, this, combined with the two existing guaranteed rental incomes of $2500 per week, meaning all houses on this one single lot, generates a rental income of over $4500 per week, a staggering $230,000+ PA.
Shire Council Rates: $5419.67 per year
Please note: these dwellings are cited on the local map as being situated at 220A, 220B and 220 Moonah Street TOM PRICE
CONTACT DOUG TODAY FOR ANY ENQUIRIES.
Property features
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Air conditioned
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Carports
6
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Floor area
1,602m2
Property snapshot by reiwa.com
This property at 221 Cogelup Way, Tom Price is a nine bedroom, four bathroom house sold by Doug Shaw at Hedland First National Real Estate on 31 Aug 2023.
Looking to buy a similar property in the area? View other nine bedroom properties for sale in Tom Price or see other recently sold properties in Tom Price.
Cost breakdown
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Council rates: $5,419 / year
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Water rates: $2,304 / year
Nearby schools
Tom Price overview
Tom Price is an iron mining town in the Pilbara region, 1458 kilometres north northeast of Perth and 89 kilometres north of Paraburdoo. Following the discovery and development of the iron mining industry in this area in the 1960s, a private townsite named Tom Price was established by Rio Tinto Southern Pty Ltd. It was officially named Tom Price Townsite in 1967, but was not a gazetted townsite until 1985. The townsite derives its name from Mount Tom Price, a mountain in the Hamersley Range named in 1962. The name Mount Tom Price was proposed by Rio Tinto Southern Pty Ltd after the late Mr Tom Price, a colleague of theirs who was involved in iron ore negotiations with the Premier of Western Australia in 1961. Mr Price was highly regarded and played an important role in the eraly development of the iron mining industry in the Pilbara.
Tom Price quick stats
High end
$808k
Median
$510k
Low end
$453k
-23.3 %
Annual growth
$510k
Annual median sales price
$1,975pw
Annual median rental price