$1.575m Paddington ramen restaurant includes two apartments

A Paddington property with four separate streams of rental investment income has hit the market.

Currently home to restaurant Hai-Hai Ramen, this property also has two residential units and a storage area.

A savvy investor could snap up the 102 Latrobe Tce property for a cool $1,575,000 and see the purchase pay for itself, with $109,980 gross income per annum.

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The restaurant is currently rented at $61,000 per year, flat one at $20,800, flat two at $21,580, and the storage area at $6600.

Part of the restaurant at 102 Latrobe Terrace, Paddington.

The floorplan for 102 Latrobe Tce, Paddington.

One of the units is one bedroom with a study, and the other has two bedrooms and a shared bathroom.

Belle Property Paddington agent Elizabeth Wright says the key points to a good investment are low vacancy, a mix of tenancies, rent that reflects market value and a location that attracts good commercial and residential tenants.

“The property at 102 Latrobe Tce offers all of that,” Wright says.

The kitchen and study in one of the units.

“The location supports and gives confidence to business owners investing in new and existing businesses, while two beautifully presented residential units, each with their own outdoor area, continually attract high quality tenants.”

This article from the Courier Mail originally appeared as “Paddington property that earns $110k a year hits the market”.