3 Woodford Ave, Warilla
This property shows a great example of taking a freestanding house in the Shellharbour region and turning it into a duplex.
The property is located at 3 Woodford Ave, Warilla and sold for $645,000 by Klayten Searl and Daniel Ellem of Illawarra Estate Agents.
Originally purchased for $457,000 in July 2016.
Obtaining DA approval to knockdown the original residence and put up a duplex with the estimated construction cost of $482,000.
Not including stamp duty, agents commission and holding costs we can estimate total costs around $1,000,000 for this project.
Assuming both sides of the duplex sell for the same figure, an estimated gross profit above 25% seems likely.