Initial price	£199,000
22/06/24	£190,000
Price Change	-4.52%

This property is a well-maintained, five-flat residential building situated in Stockton-on-Tees, offering a gross initial yield of 14.51%. The building, which spans over the first floor and attic, houses five one-bedroom flats, each with a kitchen/living room and a bathroom, totaling 169 square meters (1,818 square feet) of accommodation. The flats are let on Assured Shorthold Tenancies (ASTs) to individual tenants, with terms ranging from 6 to 12 months, and a total annual rental income of £27,580. The property benefits from a communal area fire system and emergency lighting, and is located in a prime area opposite a large newbuild residential village and close to a secondary school, with easy access to Stockton Train Station and a variety of local amenities including takeaway shops, pharmacy, laundrette, and others. The investment is held on a new 999-year lease from completion, with a nominal ground rent, offering a secure long-term investment opportunity.