Add CategoryInvestment properties in Adelaide’s inner north are always in hot demand, and this one at Kilburn is no exception.
With two separate properties on its 592sqm allotment, the property currently brings in almost $1400 a week in rent, making it a potentially strong performer for a savvy investor.
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While admittedly in a location that currently carries a bit of a stigma due to recent reports of violent activity, its selling agent says it is only a matter of time before urban sprawl and gentrification sees the area revamped as an affluent family hotspot.
The state government has announced plans to demolish 16 more uninhabitable properties on the Housing Trust-dominated road and says it has plans for the rejuvenation of the area.
![Supplied Real Estate 4 Nelson Street, Kilburn](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
The property at 4 Nelson St, Kilburn has been listed for sale, with its two homes bringing in almost $1400 a week.
The property features two separate homes.
The three-bedroom home at the rear is near new and comes with a modern kitchen.
Selling agent Adam Humzy of Ray White Prospect said, with fewer homes available for squatters and criminal activity, he expected to see the road once again become a safe neighbourhood for young and old.
“People that live there are just wanting to live a good life,” he said.
“If we go back 20 years and look at (nearby) areas like Blair Athol and Greenacres and you look at Housing Trust homes … try and find a house there now for less than $1m.”
Mr Humzy said the sale of 4 Nelson St could mark the start of a new era, but admitted the current stigma about the street meant it was a more challenging sale than some.
The property has been on the market for almost 60 days.
“We’ve had (two) offers of around $800,000,” he said.
“Right now, he’s getting $1380 in rent (for both houses).”
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All seven bedrooms are well presented.
One of the home’s bathrooms.
The property has development potential, subject to council consent.
According to PropTrack, the average Kilburn home leases for around $550 a week, meaning potential buyers could pocket an additional $140 a week per house if lease agreements were to stay in place.
Mr Humzy said the homes were leased to separate families, with the main residence featuring four bedrooms, a central living, dining and kitchen area, along with a bathroom and separate toilet.
Awaiting at the rear is a newly established dwelling with three further bedrooms and open-plan living spaces.