**Pre '63 Investment Opportunity in Prime Location**
Kelly Bradshaw Dalton are delighted to present to the open market, 22 St Alphonsus Road Lower, Drumcondra, Dublin 9. This is an exceptional detached Pre '63 investment property.
The substantial three-bay, three-storey subject property built c.1890 stands proud in one of Dublin’s most sought after locations. Situated in the heart of Drumcondra Village, the well-known Alphonsus Road leads up to Iona Road. Due to the superb location, this property provides investors a rare opportunity to secure a significant building in a prime central location, well-positioned to attract high-quality tenants.
This pre-63 Investment property is divided into 3 Studios and 3 two bedroom units.
This property requires a complete upgrade and refurbishment. The fact that it has been vacant for more than 2 years allows the new owner to charge market value rent.
Our AMV of €850,000 allows considerable room for refurbishment when one uses the residual method of valuation as follows: We have calculated that the open market rental income is €133,200 p.a. (€1,200 for a studio and €2,500 for a two bed). Given the quality of the location we believe that this property justifies a yield of 8% as a finished product. A target yield of 8% would give a value to the refurbished property of €1,665,000.
This is an impressive building approached by granite steps with chequered black and red terracotta tiles and cast wrought-iron railings. It will give all those that view it a picture of what could be one of the most spectacular properties in the locality.
The location of this property cannot be overstated; overlooking the grounds of Chapel Gate and located just off the main Drumcondra Road - walking distance to the City Centre. This address is one of the most sought after in Dublin and is located on the primary bus route to Dublin Airport.
Don't miss out on this opportunity to invest in a prime property in one of Dublin's most desirable locations. For further information, please contact us today.
A Pre '63 Investment Property that is divided into 6 individual units.
1) Pre '63 INVESTMENT PROPERTY
2) SUPERB, PROMINENT AND PRIME LOCATION
3) RED BRICK PROPERTY
4) NO RENTAL CAPS
5) EACH UNIT HAS ITS OWN SEPARATE ELECTRICITY METER