A property featuring eight self-contained modern apartments is on the market for £695,000.

The property, located on Tower Road, Darlington, is being marketed by Venture Properties.

The agents have described the property as an "outstanding investment potential" with a monthly rental income of approximately £5,150.

This equates to a gross rental yield of around nine per cent.

The property is exempt from Minimum Energy Efficiency Standards, offering peace of mind to potential investors.

Estate agents Venture Properties have also highlighted the convenience of off-street parking for up to eight vehicles.

The communal garden, with a well-maintained lawn at the front, adds a touch of greenery to the urban setting.

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A path runs along the side of the building, providing access to each apartment.

The large floodlit car park ensures ease for tenants and their guests.

A practical bin store/shed is also included, maintaining the tidiness of the communal area.

The property comprises of eight apartments, each with its own unique features.

Apartment 1 is a one-bedroom flat on the ground floor with private access from the car park.

It is currently tenanted with a rental income of £550 per month.

Apartment 2, also on the ground floor, is a two-bedroom flat, currently vacant but expected to fetch a rent of £725 per month.

The remaining apartments, all two-bedroom, are a mix of tenanted and vacant.

Rental income from these apartments ranges from £595 to £695 per month.

The agents recommend viewing the property to fully appreciate its investment potential.

They said: "Whether considering the property for its investment potential or as a place to call home, this property promises a harmonious blend of modern comfort, convenience, and practicality in a desirable location that is sure to captivate all who visit."

This property could be a lucrative opportunity for investors seeking a substantial return.