4 Bed Terraced House, Refurb/BRRR, Morecambe, LA4 4HZ, £120,000

17 Victoria Street, Morecambe, Lancashire, LA4 4AE - 4 views - 2 months ago

Sold STC
Refurb/BRRR
ROI: 3%
~129 m²
+13 photos

ValuationFair Value

Sold Prices£77K - £595K
Sold Prices/m²£527/m² - £6K/m²

 

 

Square Metres

~129.26 m²
Price/m²£928/m²

Value Estimate

£121,200

 

 

End Value (After Refurb)

£173,369

Uplift in Value

+44%

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£30,000

Stamp Duty & Legal Fees

£4,800

Refurb Costs

£52,241

Bridging Loan Interest

£3,150

Total Cash In

£91,941

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£173,369

Mortgage (After Refinance)

£130,027

Mortgage LTV

75%

Cash Released

£40,027

Cash Left In

£51,915

Equity

£43,342

Rent Range

£750 - £1,550

Rent Estimate

£964

Running Costs/mo

£755

Cashflow/mo

£209

Cashflow/yr

£2,513

ROI

3%

Gross Yield

10%

Local Sold Prices

50 sold prices from £77K to £595K, average is £156.5K. £527/m² to £6K/m², average is £1.3K/m².

PriceDateDistanceAddressBeds 
£177K05/210.04 mi72, Albert Road, Morecambe, Lancashire LA4 4HY4
£181K01/230.08 mi34, Westminster Road, Morecambe, Lancashire LA4 4JD4
£185K01/210.09 mi11, Chatsworth Road, Morecambe, Lancashire LA4 4JG4
£95K06/230.09 mi75, Westminster Road, Morecambe, Lancashire LA4 4JE4
£90K06/210.09 mi37, Clarendon Road East, Morecambe, Lancashire LA4 4HR4
£77K11/200.18 mi16, Scott Road, Morecambe, Lancashire LA3 1AJ4
£125K04/210.31 mi114, Sefton Road, Heysham, Morecambe, Lancashire LA3 1UE4
£125K06/230.32 mi17, Marlborough Road, Heysham, Morecambe, Lancashire LA3 1TL4
£80K02/210.32 mi12, Brunswick Road, Heysham, Morecambe, Lancashire LA3 1RU4
£280K06/210.34 mi12, Woodhill Close, Morecambe, Lancashire LA4 4PG4
£155K01/230.35 mi192, Westminster Road, Morecambe, Lancashire LA3 1UN4
£159.9K03/210.4 mi27, Woodhill Lane, Morecambe, Lancashire LA4 4NL4
£105K09/210.44 mi25, Cavendish Road, Heysham, Morecambe, Lancashire LA3 1TX4
£132K02/210.46 mi23, Stanley Road, Heysham, Morecambe, Lancashire LA3 1UP4
£215K06/210.48 mi160, West End Road, Morecambe, Lancashire LA4 4EF4
£169K01/230.48 mi4, Mears Beck Close, Heysham, Morecambe, Lancashire LA3 1UX4
£158K07/210.53 mi67, Granville Road, Heysham, Morecambe, Lancashire LA3 1ED4
£205K10/210.57 mi50, Battismore Road, Morecambe, Lancashire LA4 4QG4
£140K09/210.57 mi7, Norton Avenue, Heysham, Morecambe, Lancashire LA3 1HE4
£147K08/210.57 mi8, Norton Avenue, Heysham, Morecambe, Lancashire LA3 1HE4
£160K10/210.57 mi16, Norton Avenue, Heysham, Morecambe, Lancashire LA3 1HE4
£95K04/210.57 mi18, Norton Avenue, Heysham, Morecambe, Lancashire LA3 1HE4
£430K11/220.6 mi18, St Johns Grove, Heysham, Morecambe, Lancashire LA3 1ET4
£235K04/210.6 mi1, Wentworth Crescent, Morecambe, Lancashire LA3 3NZ4
£217.5K02/210.62 mi36, St Johns Road, Heysham, Morecambe, Lancashire LA3 1EX4
£139.9K11/200.62 mi8, Hestham Parade, Morecambe, Lancashire LA4 4QE4
£83K03/210.64 mi186, Euston Grove, Morecambe, Lancashire LA4 5LJ4
£115K09/210.65 mi215, Euston Grove, Morecambe, Lancashire LA4 5LH4
£95K04/210.66 mi22, Central Drive, Morecambe, Lancashire LA4 5JU4
£375K01/230.72 mi26, Hampsfell Drive, Morecambe, Lancashire LA4 4TT4
£138K04/210.73 mi4, Rydal Grove, Heysham, Morecambe, Lancashire LA3 1DU4
£125K03/210.75 mi18, King Street, Morecambe, Lancashire LA4 5LP4
£206K02/210.76 mi91, Norton Road, Heysham, Morecambe, Lancashire LA3 1PG4
£171K05/230.78 mi10, Bateman Grove, Morecambe, Lancashire LA4 5TB4
£595K01/230.78 miWhittam House, Oxcliffe Road, Heaton With Oxcliffe, Morecambe, Lancashire LA3 3EG4
£105K10/200.78 mi46, Clarence Street, Morecambe, Lancashire LA4 5EX4
£325K04/210.79 mi124, Sandylands Promenade, Heysham, Morecambe, Lancashire LA3 1NS4
£375K01/230.83 mi17, Cathedral Drive, Heaton With Oxcliffe, Morecambe, Lancashire LA3 3RE4
£296K09/220.84 mi24, Cathedral Drive, Heaton With Oxcliffe, Morecambe, Lancashire LA3 3RE4
£138K08/210.86 mi7, Oxford Street, Morecambe, Lancashire LA4 5JF4
£127K01/210.87 mi32, Oxford Street, Morecambe, Lancashire LA4 5JG4
£127K01/210.87 mi32, Oxford Street, Morecambe, Lancashire LA4 5JG4
£295K03/210.89 mi7, Wells Close, Heaton With Oxcliffe, Morecambe, Lancashire LA3 3RS4
£80K12/220.89 mi21, Oxford Street, Morecambe, Lancashire LA4 5JF4
£230K04/210.89 mi14, Stansey Avenue, Heysham, Morecambe, Lancashire LA3 2AF4
£151K05/230.92 mi25, Cross Street, Morecambe, Lancashire LA4 5ND4
£180K09/210.92 mi41, Crofters Fold, Heysham, Morecambe, Lancashire LA3 2AH4
£161.5K10/220.92 mi13, Cross Street, Morecambe, Lancashire LA4 5ND4
£145K12/220.94 mi22, Leyster Street, Morecambe, Lancashire LA4 5NE4
£339.5K10/220.95 mi5, Priory Close, Heaton With Oxcliffe, Morecambe, Lancashire LA3 3RL4

Local Rents

22 rents from £750/mo to £1.6K/mo, average is £950/mo.

RentDateDistanceAddressBeds 
£99505/240.02 miWest End4
£75005/240.02 miWest End, Morecambe, LA43
£75005/240.02 miWest End, Morecambe, LA43
£95008/240.04 miChatsworth Road, Morecambe, Lancashire, LA43
£95008/240.04 miChatsworth Road, Morecambe, Lancashire, LA43
£89908/240.04 miAlbert Road, Morecambe, Lancashire, LA43
£89908/240.04 miAlbert Road, Morecambe, Lancashire, LA43
£77507/240.04 miBalmoral Road, Morecambe, Lancashire, LA43
£95008/240.04 miChatsworth Road, Morecambe, Lancashire, LA43
£1,25007/240.1 miWestminster Road, Morecambe5
£95005/240.1 miClarendon Road, Morecambe3
£1,55003/240.16 mi-8
£1,20006/240.16 mi-8
£75012/230.21 mi-3
£75002/240.39 mi-3
£89505/240.45 miHampton Road, Heysham3
£82507/240.48 miHampton Road, Heysham, Morecambe4
£95004/240.53 miCumberland View Road, Heysham, Morecambe3
£89504/250.56 mi-3
£1,25012/230.57 mi-4
£1,00011/240.61 mi-4
£1,00011/240.61 mi-4

Local Area Statistics

Population in LA4

26,244

Population in Morecambe

50,836

Town centre distance

0.75 miles away

Nearest school

0.10 miles away

Nearest train station

0.45 miles away

 

 

Rental demand

Balanced market

Rental growth (12m)

+8%

Sales demand

Balanced market

Capital growth (5yrs)

+28%

Property History

Listed for £120,000

January 23, 2025

Floor Plans

Description

  • Former seven bedroom mid terrace +
  • Two bathrooms +
  • 2 reception rooms +
  • 2 cellar rooms +
  • In need of full renovation +
  • Rear yard +
  • Close to local amenities +
  • SOLD AS SEEN +

Calling All Investors!

This is a fantastic opportunity to acquire a four-bedroom mid-terrace property with the potential to be transformed into a spacious seven-bedroom home. While the property requires full renovation, it offers a wealth of possibilities for those looking to make their mark.

This accommodation is fully double glazed and briefly comprises: Upon entering, you are welcomed into a hallway that leads to a living room, dining room, and a large kitchen diner. The lower floor features two cellar rooms, providing additional storage or potential for conversion.

The first floor comprises three double bedrooms along with a bathroom, offering ample space for family or guests. Ascending to the second floor, you’ll find a bathroom with the possibility of reinstalling an additional bedroom, plus one large bedroom that was previously three separate rooms, allowing for creative reconfiguration.

This property presents an excellent project for any keen investor eager to undertake their next venture.

Externally, the front of the property features on-street parking and a small yard, while the rear boasts an enclosed yard, providing a private outdoor space.

The property is located on Albert Road and has easy access to a range of nearby amenities which include shops, services, schools and a short walk away from the stunning Morecambe Bay views and across to the Lake District. Good local bus links and Morecambe railway station provide good access to nearby Lancaster city. The confirmation of the arrival of the Eden Project has made this a great time to buy in this location.
Freehold
Council Tax Band - B

Agent Details

Entwistle Green, Morecambe

01524 967563

Next Steps?

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