2 Bed Terraced House, Single Let, Lancaster, LA1 3BJ, £137,500

40 Prospect Street, Lancaster, LA1 3BJ - 5 months ago

BTL
ROI: 2%
~77 m²
+4 photos

ValuationUndervalued

Sold Prices£103K - £210K
Sold Prices/m²£1.6K/m² - £3K/m²

 

 

Square Metres

~76.74 m²
Price/m²£1.8K/m²

Value Estimate

£160,121
BMV16%

Cashflows

Cash In

 

Purchase Finance

Mortgage

Deposit (25%)

£34,375

Stamp Duty & Legal Fees

£8,325

Total Cash In

£42,700

 

 

Cash Out

 

Rent Range

£498 - £1,647

Rent Estimate

£650

Running Costs/mo

£580

Cashflow/mo

£70

Cashflow/yr

£844

ROI

2%

Gross Yield

6%

Local Sold Prices

50 sold prices from £103K to £210K, average is £131.5K. £1.6K/m² to £3K/m², average is £2.1K/m².

PriceDateDistanceAddressBeds 
£182K08/230.02 mi76, Prospect Street, Lancaster, Lancashire LA1 3BJ2
£124.5K03/210.05 mi17, Clarence Street, Lancaster, Lancashire LA1 3BG2
£126K10/210.08 mi12, Bradshaw Street, Lancaster, Lancashire LA1 3BE2
£161K05/230.09 mi22, Aberdeen Road, Lancaster, Lancashire LA1 3DA2
£124K03/210.09 mi38, Aberdeen Road, Lancaster, Lancashire LA1 3DA2
£126.8K02/210.09 mi62, Aberdeen Road, Lancaster, Lancashire LA1 3DA2
£158K05/230.09 mi62, Aberdeen Road, Lancaster, Lancashire LA1 3DA2
£132.5K11/210.1 mi30, Langley Road, Lancaster, Lancashire LA1 3AZ2
£140K03/230.1 mi8, Langley Road, Lancaster, Lancashire LA1 3AZ2
£131K04/210.12 mi20, Argyle Street, Lancaster, Lancashire LA1 3DD2
£150K10/230.12 mi17, Argyle Street, Lancaster, Lancashire LA1 3DD2
£120K02/230.13 mi8, Vincent Street, Lancaster, Lancashire LA1 3BA2
£146.5K06/210.13 mi31, Vincent Street, Lancaster, Lancashire LA1 3BA2
£132K11/200.13 mi5, Vincent Street, Lancaster, Lancashire LA1 3BA2
£143K12/200.13 mi6, Vincent Street, Lancaster, Lancashire LA1 3BA2
£145K09/230.13 mi20, Vincent Street, Lancaster, Lancashire LA1 3BA2
£140K03/230.13 mi5, Elgin Street, Lancaster, Lancashire LA1 3DG2
£103K02/210.13 mi35, Elgin Street, Lancaster, Lancashire LA1 3DG2
£130K03/240.13 mi34, Eastham Street, Lancaster, Lancashire LA1 3AY2
£140K10/230.13 mi29, Eastham Street, Lancaster, Lancashire LA1 3AY2
£130K09/210.13 mi77, Westham Street, Lancaster, Lancashire LA1 3AX2
£130.5K11/210.13 mi83, Westham Street, Lancaster, Lancashire LA1 3AX2
£135K03/240.13 mi23, Westham Street, Lancaster, Lancashire LA1 3AX2
£115K05/210.13 mi51, Westham Street, Lancaster, Lancashire LA1 3AX2
£135K03/230.13 mi45, Westham Street, Lancaster, Lancashire LA1 3AX2
£117K12/200.14 mi70, Aberdeen Road, Lancaster, Lancashire LA1 3DB2
£125K09/210.14 mi74, Aberdeen Road, Lancaster, Lancashire LA1 3DB2
£159K07/230.14 mi92, Aberdeen Road, Lancaster, Lancashire LA1 3DB2
£108.5K12/210.14 mi14, Dunkeld Street, Lancaster, Lancashire LA1 3DQ2
£127.5K11/210.14 mi29, Dunkeld Street, Lancaster, Lancashire LA1 3DQ2
£140K07/230.14 mi14, Dunkeld Street, Lancaster, Lancashire LA1 3DQ2
£135K05/230.14 mi20, Westham Street, Lancaster, Lancashire LA1 3AU2
£140K07/230.14 mi72, Westham Street, Lancaster, Lancashire LA1 3AU2
£112K05/230.14 mi68, Westham Street, Lancaster, Lancashire LA1 3AU2
£117K02/230.14 mi26, Westham Street, Lancaster, Lancashire LA1 3AU2
£125K05/210.14 mi16, Westham Street, Lancaster, Lancashire LA1 3AU2
£134K08/230.14 mi48, Westham Street, Lancaster, Lancashire LA1 3AU2
£127K06/230.14 mi74, Westham Street, Lancaster, Lancashire LA1 3AU2
£125K01/210.14 mi34, Tower Court, Lancaster, Lancashire LA1 4XH2
£117K04/210.15 mi13, Stirling Road, Lancaster, Lancashire LA1 3DE2
£142K06/230.16 mi15, Gregson Road, Lancaster, Lancashire LA1 3DH2
£121.5K05/210.16 mi41, Gregson Road, Lancaster, Lancashire LA1 3DH2
£105K11/200.17 mi33, Perth Street, Lancaster, Lancashire LA1 3DR2
£152K07/230.18 mi17, Dundee Street, Lancaster, Lancashire LA1 3DS2
£119K06/210.18 mi18, Dundee Street, Lancaster, Lancashire LA1 3DS2
£115K04/230.18 mi9, Dundee Street, Lancaster, Lancashire LA1 3DS2
£160K05/210.18 mi2, Springfield Street, Lancaster, Lancashire LA1 4XL2
£210K02/230.21 mi6, Kirkes Road, Lancaster, Lancashire LA1 3DW2
£150K12/200.21 mi61, Kirkes Road, Lancaster, Lancashire LA1 3DW2
£134K03/230.21 mi54, Melrose Street, Lancaster, Lancashire LA1 3DL2

Local Rents

50 rents from £498/mo to £1.6K/mo, average is £750/mo.

RentDateDistanceAddressBeds 
£65006/240.08 mi-2
£65005/240.08 miQuarry Mount Mews, Lancaster, LA12
£1,00004/240.1 mi-2
£70005/240.11 miEastham Street, Lancaster, LA12
£80005/240.11 mi-2
£65004/240.11 miArgyle Street, Lancaster2
£65004/240.11 miWestham Street, Lancaster2
£72502/250.13 mi-2
£70003/250.13 mi-2
£75004/240.13 miEastham Street, Lancaster, LA12
£72512/240.13 mi-2
£75004/240.13 miElgin Street, Lancaster2
£65905/240.14 miGreenfield Court, Quarry Road, Lancaster, Lancashire, LA12
£72505/240.14 miWestham Street, Lancaster2
£75002/250.14 mi-2
£85004/240.16 miGregson Road, Lancaster2
£67504/240.16 miGregson Road, Lancaster2
£75006/240.17 miWestham Street, Lancaster, LA12
£77505/240.19 miSouth Road, Lancaster, LA12
£70012/240.19 mi-2
£75005/240.2 miGregson Road, Lancaster, LA12
£70003/240.2 mi-2
£90004/240.21 miAalborg Place, Court View House, LA12
£1,10004/240.24 miThe Roundhouse, Robert Street, LA12
£70004/240.26 miThurnham Street, City Centre, Lancaster, LA12
£87505/240.26 miNelson Street, Lancaster2
£75005/240.26 miSt Peters Road Lancaster2
£1,05005/240.26 miNightingale House, LA1 4JT2
£82512/240.26 mi-2
£73001/250.3 mi-2
£1,10005/240.3 miRoyal View, Knight's Bridge Apartments, Lancaster, LA12
£1,49505/240.32 mi-2
£1,64702/250.32 mi-2
£64105/240.33 miBulk Street, Lancaster2
£77505/240.35 miDavidson Street, Lancaster2
£79504/240.39 miAvondale Road, Lancaster2
£67504/240.39 mi-2
£67503/250.39 mi-2
£87505/240.4 miGraham Street, Lancaster2
£89506/240.42 mi-2
£92505/240.42 miWhitbarrow Square, Lancaster, LA12
£92506/240.42 miWhitbarrow Square, Lancaster, LA12
£1,20004/240.44 miWindermere House, Middle St, Lancaster, LA12
£1,20005/240.45 mi-2
£1,05005/240.45 miMiddle Street, Windermere House Middle Street, LA12
£92505/240.46 miHigh Street, Lancaster2
£85004/240.47 mi-2
£75006/240.47 mi-2
£75005/240.47 miCromwell Building, Lancaster, LA12
£49806/240.48 mi83a Bowerham Road, Lancaster2

Local Area Statistics

Population in LA1

52,095

Population in Lancaster

74,075

Town centre distance

0.69 miles away

Nearest school

0.20 miles away

Nearest train station

0.68 miles away

 

 

Rental demand

Balanced market

Rental growth (12m)

+34%

Sales demand

Balanced market

Capital growth (5yrs)

+16%

Property History

Price changed to £137,500

February 8, 2025

Listed for £140,000

December 2, 2024

Floor Plans

Description

  • Mid terraced property +
  • Two bedrooms +
  • Sitting room +
  • Ideal investment property +
  • Conveniently located +
  • For investors, based on the current asking price, the property gives an approximate 6% yield +

A fantastic opportunity to purchase a traditional two bedroom mid terraced house situated in the heart of Lancaster City Centre. Prospect Street is conveniently positioned for local bus routes, supermarkets and all City Centre amenities. Additionally Lancaster University is within 3 miles and the M6 Junction 32 & 33 are both easy accessible, offering an easy commute North and South. Ideal first time buyer or investment home. **Accommodation **
UPVC door into: **Lounge **
A good size room with newly fitted carpet and freshly decorated. There is a gas fire set on a hearth with surround, radiator, television and telephone points. Kitchen
A modern fitted kitchen comprising wall, drawer and base units. Laminated work surfaces incorporate a stainless steel sink and drainer. Integrated four ring gas hob, electric oven with extractor canopy, automatic washing machine, vinyl flooring and a radiator. Additionally there is a foldaway breakfast bar with two bar stools and access to the cellar. UPVC double glazed door to the rear yard/garage. **Stairs & Landing **
Newly carpeted stairs leading to a small landing which has recently been decorated. **Bedroom one **
A double room with radiator, newly fitted carpet and freshly decorated. Bedroom two
A single room with radiator, newly fitted carpet and freshly decorated. Bathroom 
Modern four piece suite, comprising of low flush WC, pedestal wash hand basin, panelled bath and separate shower cubicle. New vinyl flooring and partly tiled splash back. **Outside **
Low maintenance yard with detached garage which is accessed via the rear service lane and can be used for storage or parking a car. **For investors, based on the current asking price, the property gives an approximate 6% yield. ** **Directions **
What3Words spring.amused.scales
When travelling on the one way system through Lancaster take the left hand turn at the Town Hall & Magistrates Court (Quarry Road). Follow the road for approximately half a mile and it leads on to Prospect Street. Number 40 is just past the 1st chicane on the right hand side. **Services **
Mains Gas, Electric and Water are connected Council Tax Band
Lancaster City Council - Band A **Broadband **
Ultrafast speed potentially available from Netomnia, Virgin Media, Openreach of 9000 Mbps download and for uploading 9000 Mbps. **Mobile **
Indoor: Three and O2 are reported as likely for both Voice and Data services. EE and Vodafone are reported as limited for both Voice and Data services.
Outdoor: EE, Three, O2 and Vodafone are reported as likely for both Voice and Data services. Broadband and mobile information provided by Ofcom.

Agent Details

Matthews Benjamin, Lancaster

01524 967263

Next Steps?

This deal was sourced from Rightmove. Contact the landlord/agent for a viewing now 💪