2 Bed Flat, Single Let, Norwich, NR1 3ER £150,000

City Centre, NR1 3ER - 2 views - a year ago

Leasehold

BTL

ROI: 8%

~68 m²

ValuationUndervalued

Sold Prices	£125K - £325K
Sold Prices/m²	£2.2K/m² - £4.3K/m²

Square Metres	~68.11 m²
Price/m²	£2.2K/m²
Value Estimate	£173,177£173,177
BMV	15%

Cashflows

Cash In
Purchase Finance	MortgageMortgage
Deposit (25%)	£37,500£37,500
Stamp Duty & Legal Fees	£5,700£5,700
Total Cash In	£43,200£43,200

Cash Out
Rent Range	£625 - £1,650£625 - £1,650
Rent Estimate	£950
Running Costs/mo	£679£679
Cashflow/mo	£271£271
Cashflow/yr	£3,255£3,255
ROI	8%8%
Gross Yield	8%8%

Local Sold Prices

50 sold prices from £125K to £325K, average is £172K. £2.2K/m² to £4.3K/m², average is £2.6K/m².

Price	Date	Distance	Address	Price/m²	m²	Beds	Type
£168K	05/23	0.03 mi	31, Horns Lane, Norwich, Norfolk NR1 3ER	£2,545	66	2	Flat
£158K	03/25	0.03 mi	36, Horns Lane, Norwich NR1 3ER	£2,431	65	2	Flat
£158K	08/23	0.06 mi	26, Mariners Lane, Norwich, Norfolk NR1 3AF	£2,469	64	2	Flat
£147.5K	10/21	0.06 mi	42, Mariners Lane, Norwich, Norfolk NR1 3AF	£2,305	64	2	Flat
£158K	04/24	0.07 mi	45, Mariners Lane, Norwich NR1 3AF	£2,431	65	2	Flat
£235K	12/24	0.11 mi	134, King Street, Norwich NR1 1QE	£2,975	79	2	Flat
£150K	10/21	0.16 mi	33, Brooke Place, Norwich, Norfolk NR1 3EX	-	-	2	Flat
£185K	08/23	0.16 mi	Flat 19, Morgan House, Rouen Road, Norwich, Norfolk NR1 1QQ	-	-	2	Flat
£158.5K	02/25	0.17 mi	East Bank, 32, Wherry Road, Norwich NR1 1TS	£2,264	70	2	Flat
£250K	01/25	0.18 mi	Mineral Court, 17, St Ann Lane, Norwich NR1 1FZ	£3,906	64	2	Flat
£265K	11/24	0.21 mi	Austin House, 34, King Street, Norwich NR1 1FW	£3,955	67	2	Flat
£325K	01/23	0.21 mi	Flat 34, Bridgemaster Court, Wherry Road, Norwich, Norfolk NR1 1XG	-	-	2	Flat
£150K	12/23	0.22 mi	27, Wherry Road, Norwich, Norfolk NR1 1WS	£4,167	36	2	Flat
£173.5K	03/23	0.22 mi	2, Wherry Road, Norwich, Norfolk NR1 1WS	£2,669	65	2	Flat
£140K	07/21	0.26 mi	16, Gordon Square, Norwich, Norfolk NR1 3HJ	£2,419	58	2	Flat
£132.5K	07/23	0.26 mi	9, Gordon Square, Norwich, Norfolk NR1 3HJ	-	-	2	Flat
£138K	09/21	0.26 mi	23, Gordon Square, Norwich, Norfolk NR1 3HJ	£2,300	60	2	Flat
£260K	11/21	0.28 mi	17, St Martin At Bale Court, Norwich, Norfolk NR1 3DZ	£2,766	94	2	Flat
£160K	05/23	0.28 mi	15, Abbey Court, Norwich, Norfolk NR1 2AW	£2,435	66	2	Flat
£177K	05/25	0.28 mi	24, Goldwell Road, Norwich NR1 3PX	£3,052	58	2	Flat
£177K	05/25	0.28 mi	24, Goldwell Road, Norwich NR1 3PX	-	-	2	Flat
£190K	06/25	0.29 mi	16, Abbey Court, Bracondale, Norwich NR1 2AW	£3,220	59	2	Flat
£190K	06/25	0.29 mi	16, Abbey Court, Bracondale, Norwich NR1 2AW	-	-	2	Flat
£228K	07/25	0.29 mi	203, The Malt House, King Street, Norwich NR1 2TP	-	-	2	Flat
£165K	02/24	0.29 mi	Abbey Court, 5, Bracondale, Norwich NR1 2AW	£2,463	67	2	Flat
£140K	10/23	0.31 mi	36, Trafalgar Street, Norwich, Norfolk NR1 3HN	£2,288	61	2	Flat
£160K	01/24	0.33 mi	71, Trafalgar Street, Norwich, Norfolk NR1 3HW	£2,540	63	2	Flat
£127.5K	08/25	0.33 mi	8, Cherry Close, Norwich NR1 3HR	-	-	2	Flat
£175K	04/25	0.36 mi	77, Blue Mill, Paper Mill Yard, Norwich NR1 2GG	£2,966	59	2	Flat
£272.5K	05/25	0.36 mi	82, Blue Mill, Paper Mill Yard, Norwich NR1 2GG	£2,390	114	2	Flat
£272.5K	05/25	0.36 mi	82, Blue Mill, Paper Mill Yard, Norwich NR1 2GG	-	-	2	Flat
£183K	03/25	0.36 mi	55, Greyfriars Road, Norwich NR1 1PR	£2,377	77	2	Flat
£162K	04/23	0.37 mi	14, Southwell Road, Norwich, Norfolk NR1 3HS	£2,613	62	2	Flat
£180K	10/21	0.38 mi	4, Maidstone Road, Norwich, Norfolk NR1 1EA	£2,484	72	2	Flat
£172.5K	11/23	0.38 mi	49, Maidstone Road, Norwich, Norfolk NR1 1EA	£2,695	64	2	Flat
£215K	06/25	0.39 mi	88, Allison Bank, Geoffrey Watling Way, Norwich NR1 1GW	-	-	2	Flat
£138K	01/24	0.39 mi	91, Southwell Road, Norwich, Norfolk NR1 3HU	£2,190	63	2	Flat
£163K	07/24	0.39 mi	45, Southwell Road, Norwich NR1 3HU	£2,911	56	2	Flat
£203K	09/21	0.39 mi	156, Brazen Gate, Norwich, Norfolk NR1 3SB	£3,274	62	2	Flat
£175K	04/25	0.4 mi	3, 112 114 Grosvenor House, Prince Of Wales Road, Norwich NR1 1NS	£2,966	59	2	Flat
£171.5K	07/25	0.4 mi	71, 112 114 Grosvenor House, Prince Of Wales Road, Norwich NR1 1NS	-	-	2	Flat
£280K	03/25	0.41 mi	7 Castle House, 16, Castle Meadow, Norwich NR2 1BG	£3,373	83	2	Flat
£280K	03/25	0.41 mi	16, 7 Castle House, Castle Meadow, Norwich NR2 1BG	-	-	2	Flat
£162K	01/23	0.42 mi	3, Milton Close, Norwich, Norfolk NR1 3HX	£2,909	56	2	Flat
£220K	03/25	0.42 mi	4, Brazen Gate, Norwich NR1 3SB	£4,314	51	2	Flat
£165K	05/25	0.44 mi	9, Needham Place, St Stephens Square, Norwich NR1 3SD	£2,324	71	2	Flat
£165K	05/25	0.44 mi	9, Needham Place, St Stephens Square, Norwich NR1 3SD	-	-	2	Flat
£190K	01/25	0.44 mi	Lochhead Bank, 17, Geoffrey Watling Way, Norwich NR1 1GF	£2,754	69	2	Flat
£125K	05/25	0.45 mi	131, Cavendish Court, Recorder Road, Norwich NR1 1HX	£2,155	58	2	Flat
£125K	05/25	0.45 mi	131, Cavendish Court, Recorder Road, Norwich NR1 1HX	-	-	2	Flat

Local Rents

50 rents from £625/mo to £1.6K/mo, average is £1.2K/mo.

Rent	Date	Distance	Address	Beds	Type
£1,150	01/25	0.02 mi	-	2	Flat
£995	11/25	0.04 mi	Horns Lane, Norwich, Norfolk, NR1	2	Flat
£1,200	06/24	0.04 mi	City Centre, NR1	2	Flat
£995	05/25	0.06 mi	Mariners Lane, Norwich	2	Flat
£625	08/25	0.06 mi	Horns Lane, NORWICH	2	Flat
£1,095	05/25	0.08 mi	Scoles Green, Norwich, NR1	2	Flat
£1,295	11/25	0.09 mi	King Street, Norwich	2	Flat
£1,150	08/25	0.09 mi	King Street, Norwich, NR1	2	Flat
£895	06/25	0.09 mi	Rouen Road, Norwich, Norfolk, NR1	2	Flat
£1,150	08/25	0.09 mi	King Street, Norwich, Norfolk, NR1	2	Flat
£1,250	05/24	0.1 mi	-	2	Flat
£1,200	09/25	0.11 mi	Norwich, NR1	2	Flat
£1,350	06/25	0.11 mi	-	2	Flat
£1,550	06/25	0.12 mi	Ber Street, Norwich	2	Flat
£1,650	09/25	0.12 mi	Ber Street, Norwich, NR1	2	Flat
£1,400	02/25	0.12 mi	-	2	Flat
£1,200	12/24	0.13 mi	Drays Yard, NORWICH	2	Flat
£895	09/25	0.14 mi	Paradise Place, Norwich,	2	Flat
£995	07/25	0.14 mi	King Street, Norwich, NR1	2	Terraced House
£995	08/25	0.14 mi	King Street, Norwich, NR1	2	Terraced House
£1,350	09/25	0.15 mi	St. Ann Lane, Norwich	2	Flat
£1,200	10/25	0.15 mi	St. Ann Lane, Norwich	2	Flat
£1,200	10/25	0.15 mi	St. Ann Lane, Norwich	2	Flat
£1,200	06/25	0.16 mi	Sentinel House, NR1	2	Flat
£1,050	06/25	0.16 mi	Morgan House, Rouen Road, Norwich, NR1	2	Flat
£1,250	09/25	0.16 mi	Sentinel House, Norwich, NR1	2	Flat
£845	07/25	0.16 mi	Morgan House, Norwich	2	Flat
£895	07/25	0.17 mi	East Bank, Norwich, NR1	2	Flat
£850	07/25	0.17 mi	Wherry Road, Norwich, Norfolk, NR1	2	Flat
£1,400	05/25	0.17 mi	Wherry Road, NORWICH	2	Flat
£1,100	08/25	0.17 mi	East Bank, Wherry Road, Norwich, NR1	2	Flat
£1,100	08/25	0.17 mi	Wherry Road, NORWICH	2	Flat
£1,400	08/25	0.17 mi	Wherry Road, NORWICH	2	Flat
£1,000	11/25	0.17 mi	Rouen Road, Morgan House Rouen Road, NR1	2	Flat
£1,100	11/25	0.17 mi	Sentinel House, Norwich, NR1	2	Flat
£1,200	10/25	0.17 mi	Wherry Road, Norwich, NR1	2	Flat
£1,200	10/25	0.17 mi	-	2	Flat
£1,150	12/24	0.17 mi	-	2	Flat
£1,200	12/24	0.17 mi	-	2	Flat
£1,250	12/24	0.17 mi	East Bank, Wherry Road, Norwich, NR1	2	Flat
£1,500	09/25	0.17 mi	City Centre, NR1	2	Flat
£1,200	07/25	0.17 mi	Wherry Road, Norwich, NR1	2	Flat
£1,250	09/25	0.17 mi	River Heights, Wherry Road, Norwich, NR1	2	Flat
£965	10/25	0.17 mi	East Bank, Norwich	2	Flat
£1,100	06/25	0.18 mi	Queens Road, NORWICH	2	Terraced House
£795	07/25	0.18 mi	River Heights, Wherry Road, Norwich, NR1 1XR	2	Flat
£1,150	11/25	0.18 mi	Wherry Road, Norwich, Norfolk, NR1	2	Flat
£1,350	11/25	0.18 mi	Sidestrand, Wherry Road, Norwich	2	Flat
£1,250	03/24	0.18 mi	Mineral Court, NR1 1FZ	2	Flat
£1,250	07/25	0.18 mi	Mineral Court, NR1 1FZ	2	Flat

Local Area Statistics

Population in NR1	24,54124,541
Population in Norwich	366,887366,887
Town centre distance	1.20 miles away1.20 miles away
Nearest school	0.10 miles away0.10 miles away
Nearest train station	0.37 miles away0.37 miles away

Rental demand	Landlord's marketLandlord's market
Rental growth (12m)	+7%+7%
Sales demand	Balanced marketBalanced market
Capital growth (5yrs)	+17%+17%

Property History

Listed for £150,000

August 30, 2024

Floor Plans

Description

Ground floor apartment +
Two double bedrooms +
Generous living accommodation +
Close to local amenities +
Ideal first time buy +
Viewing advised +
Guide price £150,000 - £160,000 +

abbotFox presents this spacious, ground-floor apartment. Set within easy reach of Norwich City Centre, the train station and a wealth of amenities at the popular Riverside development this home affords an exceptional degree of convenience.

With a private entrance, this home offers neatly arrange accommodation comprising; entrance hall, lounge Diner, kitchen, two double bedrooms and a family bathroom. The property further benefits from communal grounds and a private, secure storage shed.

An ideal opportunity for any first time buyer or buy to let investor, an internal viewing comes highly recommended.

Guide Price £150,000 - £160,000

Agent Details

AbbotFox, Norwich

01603 510582

Next Steps?

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

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CashflowsOpen in Analyser

Local Sold PricesDownload Show map

Local RentsDownload Show map

Links

Local Area Statistics

Property History

Floor Plans

Description

Agent Details

Next Steps?

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