2C Palmer StreetMillbank QLD 4670
Property Details for 2c Palmer St, Millbank
2c Palmer St, Millbank is a 8 bedroom, 4 bathroom Unit with 8 parking spaces and was built in 1975. The property has a land size of 1012m2 and floor size of 78m2. While the property is not currently for sale or for rent, it was last sold in June 2021.
Last Listing description (March 2022)
Currently returning $855 per week (gross rental yield of 7.06% - Net 5.51%), this property is just what investors are looking for!
Given the fantastic location close to the Bundaberg Medical Precinct, low rental stock available and huge demand for rental properties in Bundaberg, the smart investor will know how to maximise this property's full potential!
Well positioned just off Bourbong Street in Millbank, with only a 2 to 3-minute drive to the Bundaberg Base and Mater Private Hospitals as well as a variety of other health care providers based in this locality and within 5 to 7 minutes from other local amenities including airport, train station, shopping centres, CBD, Queen's Park, Burnett River and local schools, this property is suitable for many types of tenants which makes for a great residential property investment.
Currently fully tenanted, this 2 storey block of 4 brick units on a quarter acre allotment (1012m2) offers the following;
. Freehold block of 4 units
. Zoning - Residential
. Land Use - Multi-Unit Dwellings
. No Body Corporate fees!
. Lot Size - 1012m2
. Each Unit has the same layout with living room, kitchen and separate laundry situated on the lower level and 2 bedrooms with built in wardrobes plus bathroom with shower, toilet and vanity on the upper level. The main bedroom opens onto the upper deck with stairs going from the deck to the ground level on both sides of the building.
. Units 2 & 4 have been partly renovated with new kitchens and floor coverings.
. All units have security screens to windows and front and back doors.
. Ceiling fans in all living rooms and bedrooms.
. Clothesline for each unit out the back.
. Single undercover car parking space plus one off-street park in front driveway per unit.
Current Tenancies/Rental Income:
Unit 1 - Currently leased for $215pw until 22/9/21
Unit 2 - Currently leased at $220pw from 28/5/21
Unit 3 - Currently leased for $205pw until 20/9/21
Unit 4 - Currently leased for $215pw from 26/5/21
Total Rent - $855pw ($44,460 per annum)
Current Expenses:
Rates - Approximately $7816 per year
Insurance - Approximately $1919 per year
Rental Return:
Current Gross Rental Return - 7.06%
Current Net Rental Return - 5.51%
Nearby Amenities:
. 3-minute drive to Bundaberg base Hospital (1.6km)
. 2-minute drive to Mater Private Hospital (1km)
. 7-minute drive to Bundaberg CBD
. 6-minute drive to Bundaberg Airport
. 5-minutes drive to Train Station and Stockland's Shopping Centre
. 3-minute drive to Queen's Park (1.4km)
Contact Exclusive Listing Agent Tania Bunyan from Ray White Bundaberg on 0488 918588 or email tania.bunyan@raywhite.com for further information and to arrange an inspection.
The information provided is for use as an estimate only and potential purchasers should make their own enquires to satisfy themselves of any matters.
Property History for 2c Palmer St, Millbank, QLD 4670
- 26 Jun 2021Sold for $585,000
- 02 Apr 2021Listed for Sale Offers Above $630,000
- 24 Aug 2020Listed for Rent $215 / week
Recent sales nearby
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About Millbank 4670
The size of Millbank is approximately 3.4 square kilometres. It has 4 parks covering nearly 7.8% of total area. The population of Millbank in 2016 was 2512 people. By 2021 the population was 2499 showing a population decline of 0.5% in the area during that time. The predominant age group in Millbank is 70-79 years. Households in Millbank are primarily childless couples and are likely to be repaying $1000 - $1399 per month on mortgage repayments. In general, people in Millbank work in a professional occupation.In 2021, 60.10% of the homes in Millbank were owner-occupied compared with 55.70% in 2016.
Millbank has 1,216 properties. Over the last 5 years, Houses in Millbank have seen a 144.01% increase in median value, while Units have seen a 126.39% increase. As at 31 January 2026:
- The median value for Houses in Millbank is $626,929 while the median value for Units is $468,378.
- Houses have a median rent of $570 while Units have a median rent of $360.
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