40 Leinster Road, Rathmines, Dublin 6, D06 PX20

€2,300,000 SALE AGREED
Investment Property For Sale | 4,095 sq. feet (380 sq. metres)
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Property Description:

40 Leinster Road is a mid terrace Pre-1963 Investment property that has been refurbished to accommodate 15 self contained apartments with a total rent of approx. €204,960 p.a.

The property is well presented and maintained throughout and has the benefit of parking for 2 - 3 cars to the rear of the property with road access from Grosvenor Lane.

All of the apartments are separately metered and are fully self contained with kitchenettes, washing machines, bathrooms with power showers.

The total property measurement is approx. 380.5 sq.m. (4,095 sq.ft.).

This is an excellent opportunity to acquire a large Pre 1963 property in Rathmines that has been fitted out to accommodate 15 separate apartments over 2 - 3 floors and is within a short walking distance of Rathmines Road and the town centre.

There is a strong rental income of €204,960 p.a. and the property has a Pre 63 Declaration.

The property has been fitted out to a reasonably high standard to accommodate self contained apartments that appeal to the busy residential rental market. Some of the apartments have been fitted out to a very high standard by the landlord and some of the apartments may require refurbishment work when current tenants vacate. There may be potential to increase the rental income by refurbishing some of the apartments, within the 4% statutory guidelines.

This property is located in a very busy rental hotspot and there have been no recent vacancies or rent reductions due to pent up rental demand in this area.

Number 40 Leinster Road comprises a 3 storey Pre 63 residential building that has been extended to the rear to accommodate 7 studio apartments over 2 floors.

There is access to the rear of the property from Grosvenor Lane and there is an enclosed yard area that can accommodate 2 - 3 cars or bicycles.

40 Leinster Road is located on the north side of Leinster Road, in the middle of the road and opposite the the junction of Charleville Road.

The property is less than 400 metres or 5 minutes walking distance from Rathmines Road and a busy Quality Bus Corridor that serves the city centre and south suburbs (14, 140,15, 15b and 65).

The property is located close to the Swan Shopping Centre, ALDI, Tesco, Stella Cinema, Omniplex Cinema, Rathmines College of Further Education, Leinster Cricket Club, Swan Leisure Centre, Rathmines Library and a host of shops.

There are also Dublinbike.ie stations and easy access to Dublin city centre by bicycle (8 minutes) or foot (20 minutes).

Rathmines is an extremely popular rental location and it also has some of the most popular cafes,
restaurants, bars (Elephant & Castle, Stella, Eddie Rockets, McDonald's, Tolteca, Manifesto, Starbucks, Copan, Roddy Bolands etc.) in Dublin and is located within a short commute distance from the south city centre.

The property has been fitted out to a reasonably high standard to accommodate 15 apartments. The fit out provides a mix of single floor and duplex apartments that have been fitted out to a reasonably high standard to include some modern kitchen and bathroom fittings. The property
is very popular with short term residential lettings and there is a current rent of €204,960 p.a. which has held throughout the Covid 19 lockdown.

Hallway:6.04m x 1.42m
Apt 6: 3.89m x 5.26m ensuite 1.09m x 2.13m
Apt 7: 4.31m x 4.72m ensuite 1.21m x 3.03m
Apt 8: 4.30m x 2.25m ensuite 1.75m x 1.59m
Storage: 2.28m x 1.42m

Ground Floor
Entrance Hall: 10.42m x 1.82m
Apt 1: 2.71m x 4.69m ensuite 0.94m x 2.35m
Apt 2: 4.75m x 4.50m ensuite 1.08m x 2.35m
Hallway: 8.31m x 2.25m
Apt 40a:3.60m x 3.54m ensuite 1.45m x 1.40m
Apt 40b: 3.16m x 4.05m ensuite 1.39m x 1.40m
Hallway: 7.25m x 0.91m
Apt 40c :3.02m x 4.05m ensuite 1.19m x 1.47m
Apt 40d: 5.35m x 3.04m ensuite 1.43m x 1.33m

First Floor
Apt 3:4.93m x 3.29m ensuite 1.11m x 2.01m
Apt 4: 4.5m x 4.50m ensuite 1.47m x 1.30m
Apt 5:4.75m x 6.61m
Apt 40e: 3.10m x 4.05m ensuite 1.25m x 1.25m
Apt 40f: 3.16m x 4.05m ensuite 1.39m x 1.40m
Apt 40g: 3.02m x 4.05m ensuite 1.18m x 1.47m
Apt 40d

Second Floor
Attic level room Apt 5:3.35m x 4.50m
Bathroom: 1.83m x 2.01m

Apt 1. €1,350 per month. ( newly refurbished / tenant living there approximately 10 months )
Apt 2. €1,150 per month. ( tenants living there approximately 2 years )
Apt 3. €1,200 per month. (tenants living there approximately 2 years )
Apt 4. €825 per month. ( tenants living there approximately 4 years )
Apt 5. €1,750 per month. ( when completed/under renovation at moment)
Apt 6. €1,250 per month. ( tenants living there approximately one year )
Apt 7. €1,150 per month. ( tenant living there approximately 8 months)
Apt 8. €900 per month. ( tenant living there approximately 5 years )
Apt 40A €990 per month. ( newly let )
Apt 40B €990 per month. ( newly refurbished/newly let )
Apt 40C €990 per month. ( newly refurbished/tenant living there approximately 16 months )
Apt 40D €1,550 per month. ( newly refurbished/ newly let)
Apt 40E €1,150 per month. ( newly refurbished/newly let )
Apt 40F €825 per month. ( tenant living there approximately 3 years )
Apt 40G €1,010 per month. ( newly refurbished/newly let )

Total Rent Roll = 204,960.

All rents are up to date.
All tenants are on yearly leases.
All apartments are separately metered,fully self-contained with their own individual washer/dryers,electric showers,microwaves heating etc.
There is Pinergy Pre-pay in all apartments with the landlord electric supply complimentary to house.
The only utility bill that is paid for by landlord is the €1,100 general waste bin supplied by Keywaste @ 28 euro per weekly lift.

Fire alarm and fire system installed throughout the property.
Car spaces for 3/4 cars at rear of house.

Daft Property Shortcode:


Date Entered/Renewed:

17/8/2020 (70 days ago)

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40 Leinster Road

Distance to City Centre:

2.8 km (1.7 miles), 25 minute walk

Public transport routes that service Rathmines:

  • Bus: 14, 15, 15A, 15B, 15C, 65, 65B, 83, 140
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40 Leinster Road, Rathmines, Co. Dublin