2 Bed Flat, Single Let, Salford, M5 3NQ, £155,000

X1 The Exchange, 8 Elmira Way, Salford, M5 3NQ - 3 views - 2 months ago

Leasehold

BTL

ROI: 13%

~68 m²

+9 photos

ValuationUndervalued

Sold Prices	£102K - £263K
Sold Prices/m²	£1.7K/m² - £4.4K/m²

Square Metres	~68.11 m²
Price/m²	£2.3K/m²
Value Estimate	£187,550£187,550
BMV	21%

Cashflows

Cash In
Purchase Finance	MortgageMortgage
Deposit (25%)	£38,750£38,750
Stamp Duty & Legal Fees	£5,850£5,850
Total Cash In	£44,600£44,600

Cash Out
Rent Range	£1,000 - £2,600£1,000 - £2,600
Rent Estimate	£1,250
Running Costs/mo	£754£754
Cashflow/mo	£496£496
Cashflow/yr	£5,948£5,948
ROI	13%13%
Gross Yield	10%10%

Local Sold Prices

50 sold prices from £102K to £263K, average is £193.5K. £1.7K/m² to £4.4K/m², average is £3.2K/m².

Price	Date	Distance	Address	Price/m²	m²	Beds	Type
£178K	03/23	0.16 mi	15, Radclyffe Mews, Salford, Greater Manchester M5 3GD	£3,080	58	2	Flat
£170K	02/23	0.16 mi	17, Radclyffe Mews, Salford, Greater Manchester M5 3GD	£2,982	57	2	Flat
£263K	12/23	0.17 mi	44, Merchants Quay, Salford, Greater Manchester M50 3XR	£3,612	73	2	Flat
£250K	10/21	0.24 mi	62, Merchants Quay, Salford, Greater Manchester M50 3XG	£3,472	72	2	Flat
£210K	10/20	0.24 mi	88, Merchants Quay, Salford, Greater Manchester M50 3XG	£2,838	74	2	Flat
£210K	10/20	0.24 mi	88, Merchants Quay, Salford, Greater Manchester M50 3XG	£2,838	74	2	Flat
£153.5K	03/21	0.26 mi	41, Greenwood Terrace, Salford, Greater Manchester M5 3GH	£2,440	63	2	Flat
£188K	10/20	0.27 mi	76, St Lawrence Quay, Salford, Greater Manchester M50 3XU	£2,984	63	2	Flat
£238.5K	10/23	0.27 mi	70, St Lawrence Quay, Salford, Greater Manchester M50 3XU	£3,883	61	2	Flat
£198K	10/23	0.27 mi	76, St Lawrence Quay, Salford, Greater Manchester M50 3XU	£3,143	63	2	Flat
£155K	09/20	0.27 mi	37, Greenwood Terrace, Salford, Greater Manchester M5 3GH	£2,464	63	2	Flat
£188K	10/20	0.28 mi	76, St Lawrence Quay, Salford, Greater Manchester M50 3XU	£2,984	63	2	Flat
£195K	01/23	0.29 mi	145, Labrador Quay, Salford, Greater Manchester M50 3YH	£3,488	56	2	Flat
£196K	10/20	0.29 mi	25, Labrador Quay, Salford, Greater Manchester M50 3YH	£2,481	79	2	Flat
£208K	05/21	0.29 mi	111, Labrador Quay, Salford, Greater Manchester M50 3YH	£3,782	55	2	Flat
£197K	12/20	0.29 mi	107, Labrador Quay, Salford, Greater Manchester M50 3YH	£3,230	61	2	Flat
£192K	01/21	0.29 mi	153, Labrador Quay, Salford, Greater Manchester M50 3YH	£3,205	60	2	Flat
£204K	03/21	0.29 mi	141, Labrador Quay, Salford, Greater Manchester M50 3YH	-	-	2	Flat
£255K	11/22	0.29 mi	119, Labrador Quay, Salford, Greater Manchester M50 3YH	£4,230	60	2	Flat
£210K	05/23	0.29 mi	171, Labrador Quay, Salford, Greater Manchester M50 3YH	£3,387	62	2	Flat
£212K	12/22	0.29 mi	43, Labrador Quay, Salford, Greater Manchester M50 3YH	£3,533	60	2	Flat
£240K	12/22	0.3 mi	15, St Lawrence Quay, Salford, Greater Manchester M50 3XT	-	-	2	Flat
£240K	09/21	0.32 mi	44, Vancouver Quay, Salford, Greater Manchester M50 3TU	£3,288	73	2	Flat
£205K	09/21	0.32 mi	71, Vancouver Quay, Salford, Greater Manchester M50 3TU	£3,254	63	2	Flat
£209.5K	11/20	0.32 mi	70, Vancouver Quay, Salford, Greater Manchester M50 3TU	£3,379	62	2	Flat
£228K	05/21	0.38 mi	16, Winnipeg Quay, Salford, Greater Manchester M50 3TY	£3,455	66	2	Flat
£260K	12/20	0.38 mi	53, Winnipeg Quay, Salford, Greater Manchester M50 3TY	£3,877	67	2	Flat
£200K	06/21	0.38 mi	24, Winnipeg Quay, Salford, Greater Manchester M50 3TY	£3,049	66	2	Flat
£230K	05/21	0.38 mi	41, Winnipeg Quay, Salford, Greater Manchester M50 3TY	£4,412	52	2	Flat
£190K	04/21	0.38 mi	49, Winnipeg Quay, Salford, Greater Manchester M50 3TY	£3,167	60	2	Flat
£210K	03/24	0.51 mi	Imperial Point, Apartment 812, The Quays, Salford, Greater Manchester M50 3RB	£3,182	66	2	Flat
£153K	12/23	0.63 mi	Renolds House, Apartment 19, Everard Street, Salford, Greater Manchester M5 4UB	£2,550	60	2	Flat
£114K	11/23	0.63 mi	Apartment 1, Renolds House, Everard Street, Salford, Greater Manchester M5 4UB	-	-	2	Flat
£180K	12/22	0.66 mi	Apartment 47, Slater House, Woden Street, Salford, Greater Manchester M5 4UE	-	-	2	Flat
£200K	01/23	0.67 mi	Apartment 1905, Number One, Pink, Media City Uk, Salford, Greater Manchester M50 2BB	-	-	2	Flat
£200K	06/23	0.67 mi	Apartment 403, Number One, Pink, Media City Uk, Salford, Greater Manchester M50 2BA	-	-	2	Flat
£136.1K	01/23	0.7 mi	Flat 66, Imogen Court, Asgard Drive, Salford, Greater Manchester M5 4TQ	-	-	2	Flat
£138K	03/23	0.7 mi	Flat 102, Imogen Court, Asgard Drive, Salford, Greater Manchester M5 4TQ	-	-	2	Flat
£102K	03/21	0.7 mi	Flat 101, Imogen Court, Asgard Drive, Salford, Greater Manchester M5 4TQ	-	-	2	Flat
£138K	07/23	0.7 mi	Flat 90, Imogen Court, Asgard Drive, Salford, Greater Manchester M5 4TQ	-	-	2	Flat
£122K	05/21	0.71 mi	Flat 15, Redmires Court, Eccles New Road, Salford, Greater Manchester M5 4US	-	-	2	Flat
£140K	07/23	0.71 mi	Flat 49, Redmires Court, Eccles New Road, Salford, Greater Manchester M5 4US	-	-	2	Flat
£112.5K	01/21	0.71 mi	Flat 73, Redmires Court, Eccles New Road, Salford, Greater Manchester M5 4UT	-	-	2	Flat
£110K	11/20	0.72 mi	Flat 41, Cassandra Court, Asgard Drive, Salford, Greater Manchester M5 4TW	£1,746	63	2	Flat
£150K	11/22	0.72 mi	Flat 42, Cassandra Court, Asgard Drive, Salford, Greater Manchester M5 4TW	-	-	2	Flat
£173K	11/21	0.74 mi	Apartment 72, Irwell Building, Derwent Street, Salford, Greater Manchester M5 4SS	£2,932	59	2	Flat
£171.5K	07/21	0.74 mi	Apartment 49, Irwell Building, Derwent Street, Salford, Greater Manchester M5 4SS	£2,858	60	2	Flat
£127.5K	07/23	0.76 mi	Flat 11, Miranda Court, Asgard Drive, Salford, Greater Manchester M5 4TN	-	-	2	Flat
£130K	05/23	0.76 mi	Flat 2, Miranda Court, Asgard Drive, Salford, Greater Manchester M5 4TN	-	-	2	Flat
£128K	02/21	0.76 mi	Flat 19, Miranda Court, Asgard Drive, Salford, Greater Manchester M5 4TN	-	-	2	Flat

Local Rents

51 rents from £1K/mo to £2.6K/mo, average is £1.3K/mo.

Rent	Date	Distance	Address	Beds	Type
£1,250	12/24	0 mi	The Exchange, 8 Elmira Way, Salford, Manchester, M5	2	Flat
£1,300	06/24	0 mi	8 Elmira Way, Salford, Manchester, M5	2	Flat
£1,250	05/24	0 mi	The Exchange, 8 Elmira Way, Salford, M5	2	Flat
£1,200	05/24	0 mi	The Exchange, 8 Elmira Way, Salford, Manchester, M5	2	Flat
£1,175	05/24	0 mi	The Exchange, 8 Elmira Way, Salford Quays, Greater Manchester, M5	2	Flat
£1,195	05/24	0 mi	The Exchange, 8 Elmira Way, Salford Quays, Greater Manchester, M5	2	Flat
£1,250	05/24	0 mi	The Exchange, 8 Elmira Way, Salford Quays, Greater Manchester, M5	2	Flat
£1,250	05/24	0 mi	The Exchange, 8 Elmira Way, Salford, M5	2	Flat
£1,200	12/24	0 mi	The Exchange, 8 Elmira Way, Salford Quays, Greater Manchester, M5	2	Flat
£1,150	02/24	0 mi	-	2	Flat
£1,260	03/24	0 mi	The Exchange, Elmira Way, Manchester, M5	2	Flat
£1,200	06/24	0 mi	-	2	Flat
£1,200	05/24	0 mi	The Exchange, Salford, M5	2	Flat
£1,200	01/25	0 mi	-	2	Flat
£1,250	03/25	0 mi	-	2	Flat
£1,250	05/24	0.02 mi	The Gateway, 15 Trafford Road, Salford, M5	2	Flat
£1,275	02/24	0.03 mi	-	2	Flat
£1,250	02/24	0.03 mi	-	2	Flat
£1,275	05/24	0.03 mi	-	2	Flat
£1,275	06/24	0.03 mi	-	2	Flat
£1,275	06/24	0.03 mi	Trafford Road, Salford, M5	2	Flat
£1,400	06/24	0.03 mi	-	2	Flat
£1,400	06/24	0.03 mi	-	2	Flat
£1,275	12/24	0.03 mi	-	2	Flat
£1,295	01/25	0.03 mi	-	2	Flat
£2,400	05/24	0.03 mi	-	2	Detached House
£1,900	05/24	0.03 mi	-	2	Flat
£1,300	03/24	0.04 mi	15 Trafford Road, Salford, Lancashire, M5	2	Flat
£1,300	05/24	0.04 mi	-	2	Flat
£2,600	12/24	0.04 mi	-	2	Detached House
£2,600	12/24	0.04 mi	-	2	Flat
£1,100	05/24	0.04 mi	Pioneer House, Elmira Way, Salford, M5	2	Flat
£1,150	05/24	0.04 mi	Pioneer House, Elmira Way, Salford, M5	2	Flat
£1,200	05/24	0.04 mi	Pioneer House, Elmira Way, Salford , M5	2	Flat
£1,250	02/25	0.04 mi	-	2	Flat
£1,100	05/24	0.04 mi	Pioneer House, Elmira Way, Salford M5 3LL	2	Flat
£1,275	05/24	0.04 mi	The Gateway, 15 Trafford Road, Salford, M5	2	Flat
£1,200	05/24	0.05 mi	Pioneer House, 1c Elmira Way, Salford Quays, Salford, Lancashire, M5	2	Flat
£1,200	05/24	0.05 mi	Pioneer House, 1C Elmira Way, Salford, Lancashire, M5	2	Flat
£1,200	05/24	0.05 mi	Endeavour House, 1b Elmira Way, M5	2	Flat
£1,150	05/24	0.05 mi	Endeavour House, 1b Elmira Way, M5	2	Flat
£1,150	05/24	0.05 mi	Endeavour House, 1b Elmira Way, M5	2	Flat
£1,200	06/24	0.05 mi	Endeavour House, 1b Elmira Way, M5	2	Flat
£1,200	06/24	0.05 mi	Endeavour House, 1b Elmira Way, M5	2	Flat
£1,300	05/24	0.05 mi	Elmira Way, Salford, Greater Manchester, M5	2	Flat
£1,150	05/24	0.05 mi	Brindley House, 1 Elmira Way, Salford, M5	2	Flat
£1,100	05/24	0.05 mi	Brindley House, 1 Elmira Way, Salford, M5	2	Flat
£1,200	05/24	0.05 mi	Brindley House, 1 Elmira Way, Salford, M5	2	Flat
£1,000	05/24	0.05 mi	Brindley House, 1 Elmira Way, Salford Quays, Salford, M5	2	Flat
£1,050	06/24	0.05 mi	-	2	Flat
£1,200	03/25	0.05 mi	-	2	Flat

Local Area Statistics

Population in M5	14,44514,445
Population in Salford	88,69788,697
Town centre distance	2.53 miles away2.53 miles away
Nearest school	0.30 miles away0.30 miles away
Nearest train station	0.07 miles away0.07 miles away

Rental demand	Landlord's marketLandlord's market
Rental growth (12m)	+35%+35%
Sales demand	Buyer's marketBuyer's market
Capital growth (5yrs)	+6%+6%

Property History

Listed for £155,000

January 17, 2025

Floor Plans

Description

6th Floor 2-bedroom 2-bathroom apartment with balcony at X1 The Exchange. 652 sqft.

- Located in the heart of Salford Quays
- Fully Furnished
- Gym
- Opposite Salford Quays Metrolink stop

EWS1 certificate available
Available to both Investors and Owner-Occupants.
Projected 9.68% Rental Yield @ £1250 PCM
Tenancy vcated.

2024 service charge - Approximately £2,655 Per Annum
Ground rent - £250PA (5 Year RPI) review date 19.03.2025
EPC Rating - C
Council tax band C

The property is a short walk away from a wide choice of restaurants, bars and shops in the ever popular Media City whilst Salford Quays Metrolink stop is just across the road - perfect for commuters!

The Lowry Theatre, Lowry Outlet Mall and Helly Hansen Water sports centre are highlights of this property’s location.

• Salford Quays Location
• 1-minute walk to Tesco Express
• 5-minute walk to Ordsall Park
• 15-minute walk to MediaCityUK
• 20-minute by tram to Manchester City Centre

Agent Details

NEXIS Property, Manchester

0161 839 1680

Next Steps?

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

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