2 Bed Flat, Single Let, Norwich, NR3 1NF, £140,000

Magdalen Street, Norwich, NR3 1NF - 6 views - a year ago

Under Offer
Leasehold
BTL
ROI: 4%
~68 m²
+5 photos

ValuationUndervalued

Sold Prices£110K - £236.5K
Sold Prices/m²£1.7K/m² - £3.9K/m²

 

 

Square Metres

~68.11 m²
Price/m²£2.1K/m²

Value Estimate

£166,280
BMV19%

Cashflows

Cash In

 

Purchase Finance

Mortgage

Deposit (25%)

£35,000

Stamp Duty & Legal Fees

£5,400

Total Cash In

£40,400

 

 

Cash Out

 

Rent Range

£825 - £1,300

Rent Estimate

£725

Running Costs/mo

£603

Cashflow/mo

£123

Cashflow/yr

£1,470

ROI

4%

Gross Yield

6%

Local Sold Prices

50 sold prices from £110K to £236.5K, average is £148.8K. £1.7K/m² to £3.9K/m², average is £2.4K/m².

PriceDateDistanceAddressBeds 
£128K07/230.05 mi48, Magdalen Close, Norwich, Norfolk NR3 1NE2
£142K10/210.18 mi81, Cowgate, Norwich, Norfolk NR3 1TG2
£180K12/220.25 mi26, Blackfriars Street, Norwich, Norfolk NR3 1SF2
£142K08/210.26 mi24, St Augustines Gate, Norwich, Norfolk NR3 3BE2
£112K02/210.26 mi21, St Augustines Gate, Norwich, Norfolk NR3 3BE2
£150K10/230.26 mi23, St Augustines Gate, Norwich, Norfolk NR3 3BE2
£140K12/200.29 mi25, Fishergate, Norwich, Norfolk NR3 1SE2
£203K02/230.29 mi18, St Edmunds Wharf, Norwich, Norfolk NR3 1GU2
£190K07/210.29 mi18, St Edmunds Wharf, Norwich, Norfolk NR3 1GU2
£145K05/230.35 mi18, Long Row, Norwich, Norfolk NR3 1EN2
£137.5K03/210.36 mi6, Long Row, Norwich, Norfolk NR3 1EN2
£210K01/230.38 mi11, Cavalry Ride, Norwich, Norfolk NR3 1UA2
£160K09/230.38 mi90, Mousehold Street, Norwich, Norfolk NR3 1NX2
£200K10/230.38 mi23a, Wensum Street, Norwich, Norfolk NR3 1LA2
£236.5K01/230.39 mi10, Roaches Court, Norwich, Norfolk NR3 1HJ2
£140.3K09/210.41 mi343, Gertrude Road, Norwich, Norfolk NR3 4RN2
£228K04/210.41 mi15, The Watering, Norwich, Norfolk NR3 3BF2
£200K09/230.41 mi14, The Watering, Norwich, Norfolk NR3 3BF2
£162K01/210.41 mi10, The Watering, Norwich, Norfolk NR3 3BF2
£132K02/210.41 mi9, Clare Close, Norwich, Norfolk NR3 1EL2
£135K05/210.43 mi14, Howard Mews, Norwich, Norfolk NR3 4JU2
£160K10/210.43 mi51, Howard Mews, Norwich, Norfolk NR3 4JU2
£137.8K10/210.45 mi99, Southalls Way, Norwich, Norfolk NR3 4SA2
£180K12/200.45 mi18, Unicorn Yard, Norwich, Norfolk NR3 3AL2
£133K11/230.45 mi24, The Erins, Norwich, Norfolk NR3 4JP2
£123K10/210.45 mi20, The Erins, Norwich, Norfolk NR3 4JP2
£127K02/210.45 mi27, The Erins, Norwich, Norfolk NR3 4JP2
£116.8K12/230.45 mi23, The Erins, Norwich, Norfolk NR3 4JP2
£125K03/230.45 mi14, The Erins, Norwich, Norfolk NR3 4JP2
£195K09/230.45 miFlat 44, Dukes Palace Wharf, Duke Street, Norwich, Norfolk NR3 3AT2
£182K09/210.45 miFlat 33, Dukes Palace Wharf, Duke Street, Norwich, Norfolk NR3 3AT2
£110K11/200.46 mi100, St James Close, Norwich, Norfolk NR3 1PE2
£165K02/230.46 mi100, St James Close, Norwich, Norfolk NR3 1PE2
£150K11/230.48 mi38, Sun Lane, Norwich, Norfolk NR3 3NF2
£145K10/230.51 mi35, Millers Lane, Norwich, Norfolk NR3 3LX2
£130K03/210.52 mi129, Lavengro Road, Norwich, Norfolk NR3 4RU2
£131.5K08/210.53 mi6, Pockthorpe Gate, Norwich, Norfolk NR3 1TU2
£194K06/230.53 mi2c, Millers Lane, Norwich, Norfolk NR3 3LU2
£147.5K12/220.56 mi200, Mousehold Street, Norwich, Norfolk NR3 1PG2
£145K01/240.56 mi14, Ely Street, Norwich, Norfolk NR2 4PS2
£217.5K03/210.57 mi7, St Margarets Street, Norwich, Norfolk NR2 4TU2
£165K09/230.58 miFlat 1, Maude Gray Court, St Benedicts Street, Norwich, Norfolk NR2 4PA2
£180K01/210.62 mi4, Three King Lane, Norwich, Norfolk NR2 1TX2
£181K03/210.62 miFlat 6, Colman House, Pottergate, Norwich, Norfolk NR2 1DY2
£181K03/210.62 miFlat 6, Colman House, Pottergate, Norwich, Norfolk NR2 1DY2
£180K10/210.65 mi4, Maidstone Road, Norwich, Norfolk NR1 1EA2
£172.5K11/230.65 mi49, Maidstone Road, Norwich, Norfolk NR1 1EA2
£140K02/210.65 mi11, Russell Street, Norwich, Norfolk NR2 4QT2
£140K04/210.65 mi47, Russell Street, Norwich, Norfolk NR2 4QT2
£142K01/210.71 mi19, Clifton Close, Norwich, Norfolk NR2 4JN2

Local Rents

49 rents from £825/mo to £1.3K/mo, average is £1.1K/mo.

RentDateDistanceAddressBeds 
£99506/240.02 mi-2
£95006/240.04 miCross Keys Yard2
£95007/240.04 miCross Keys Yard2
£90006/240.05 miBull Close Road, NORWICH2
£1,20006/240.05 miMagdalen Street, Norwich2
£90009/240.06 miMagpie Road2
£99507/240.08 miMagpie Road, Norwich2
£1,20007/240.08 miBull Close, NORWICH2
£92506/240.09 miEdward Street, Norwich2
£95008/240.1 miDalymond Court, NR3 3FH2
£97508/240.1 miDalymond Court, Norwich, NR3 3FH2
£1,10008/240.1 miMarlborough Road, Norwich, Norfolk, NR32
£1,29507/240.11 mi-2
£1,29405/240.11 mi-2
£1,29404/250.11 mi-2
£1,30006/240.11 miCowgate, Norwich, NR32
£82506/240.11 miYarn Mews, Norwich2
£1,05006/240.14 miWillis Street, Norwich2
£95008/240.14 miWillis Street, NORWICH2
£1,15007/240.14 miBeaconsfield Road, NR32
£1,05006/240.14 miPeacock Street, Norwich, Norfolk, NR32
£1,10004/250.14 mi-2
£1,20008/240.14 miBeaconsfield Road2
£1,25006/240.15 miMagdalen Road, Norwich, 2
£89506/240.15 miGuernsey Road, Norwich2
£1,10006/240.15 miNorwich, NR32
£1,20006/240.17 miMagpie Road, Norwich, NR32
£1,20006/240.17 mi-2
£1,20008/240.17 mi-2
£1,20007/240.17 miSaint Augustines Street, Norwich, NR32
£1,10007/240.18 miWodehouse Street, Norwich, Norfolk, NR32
£87507/240.18 miWodehouse Street, Norwich, NR32
£1,15006/240.18 miSilver Street, NR32
£95006/240.18 miSilver Street, Norwich, NR32
£1,00006/240.18 miClarke Road, Norwich, NR32
£1,15008/240.19 miSilver Street, Norwich2
£1,15009/240.19 miSilver Street, Norwich2
£1,10008/240.19 mi-2
£99506/240.19 miKnowsley Road, Norwich2
£95010/240.2 mi-2
£1,30006/240.2 miSt James Quay, Norwich, NR32
£1,05002/250.21 mi-2
£95001/250.23 mi-2
£99506/240.23 miSilver Road, Norwich, Norfolk, NR32
£1,10006/240.23 miSt. Martins At Oak Wall Lane, Norwich2
£1,05006/240.24 miSt. Martins At Oak Wall Lane, Norwich2
£1,10001/250.24 mi-2
£92507/240.24 miSt. Augustines Gate, Norwich2
£1,25012/240.25 mi-2

Local Area Statistics

Population in NR3

32,672

Population in Norwich

366,887

Town centre distance

0.25 miles away

Nearest school

0.10 miles away

Nearest train station

0.88 miles away

 

 

Rental demand

Balanced market

Rental growth (12m)

+16%

Sales demand

Seller's market

Capital growth (5yrs)

+28%

Property History

Listed for £140,000

February 21, 2024

Description

  • Ideal Buy2Let or First Home +
  • Two Bedrooms +
  • City Centre +
  • Permit Parking +

This spacious two bedroom apartment above is above a retail unit in the city centre. Close to Anglia Square and 5 minute walk into Tombland and the cathedral.  The property is located near Anglia Square and is only a 5 minute walk from the Norwich City Centre. It benefits from its own entrance and carpeted stairs which lead to the upstairs landing. Located off the landing is the kitchen with integrated oven and hobs, space for a washing machine and fridge freezer and pantry. There is a living room, a double and single bedroom, and a the bathroom with an electric shower fitted over the bath The property is Council Tax Band A under Norwich City Council. There is permit parking available for this property. There are no service charges or ground rent and the lease has recently been renewed and extended.

It is currently tenanted and has a potential gross profit of £8,700pa.   PLEASE NOTE: Northwood confirm that these particulars are believed to be accurate but they are a brief summary issued for general guidance only and are not comprehensive. These particulars and any text, measurements, dimensions or indicative plans made available are for general information only and do not form part of any offer or contract. Prospective purchases should not rely on these particulars and must satisfy themselves on all aspects by inspection or otherwise. Northwood, their employees and representatives are not authorised to make or give any representations, assurances or warranties for the property, whether within these particulars or otherwise, and no liability is accepted to the purchaser in this respect. EPC rating: D. Tenure: Leasehold, Length of lease (remaining): 152 years 2 months,

Agent Details

Northwood, Ipswich

01473 299070

Next Steps?

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