Norfolk Street PE13 Wisbech

Mixed-use Property
Purchase, refurb, reduce running costs, refinance, let and Hold.

This end of terraced mixed-use property contains a commercial unit on the ground floor and a 5-bed HMO spread on the ground, 1st and 2nd floor.

The numbers:
Purchase + purchase costs and refurb: £175,000

Income:
Commercial unit with 13 years left on the lease: £6000pa
The 5-bed HMO: £24,960pa
Total income: £30,960pa

At the moment the running costs are circa £10,000
Net income: £20,960
ROI(cash on cash) 11%

Plans:
The action I took during the project

1. Reduce the running costs by 50%
2. Refurb to increase demand for rent
3. Refinance after 5 month
4. Build a relationship with the council to host their tenants. (DSS/DWP)

Before and After

Please click the link to see more before and after images.