172 Ormond Road, Mangapapa, Gisborne

A rare opportunity to secure four attached flats on a single freehold title, offering immediate rental income, multiple tenancies and the opportunity to add a substantial investment to your property portfolio.

This block of flats is fully tenanted and professionally managed by Ray White, providing a straightforward investment from settlement.

The property comprises:

Three, two bedroom flats built in the 80's.

One, three bedroom flat built first in the 70's.

Four covered carports, each with lockable storage.

One additional off-street car park outside each flat.

Gross annual rental income 2025/26: $107,000.

RV: $957,000.

Rates: $13,431.

Annual insurance: $4,755.

Healthy Homes Standards compliant.

Each flat has been updated, creating a comfortable and appealing home for the tenants. With the property well positioned for convenient day-to-day living and ongoing tenant appeal.

For investors, the attraction is the combination of:

Four rental incomes under one title.

Existing tenancies and professional management.

Recent improvements already completed.

Low-maintenance, practical accommodation.

The opportunity to add a substantial asset to an established portfolio, or make a first move into multi-unit property investment.

In a market where buyers can afford to be selective, properties offering scale, existing income and multiple tenancies deserve close attention. Review the figures, complete your due diligence and consider the potential this block may offer.

Our vendor's instructions are clear - this property is to be sold.

Contact Jayden today for further information and viewings.

Auction: 12pm, Friday 13 November 2026 (unless sold prior)

152 Grey Street, Gisborne