1 Elizabeth Street, Frankston VIC 3199

Property Details: • Type: Block of Units

• Bedrooms: 7 • Bathrooms: 8

Description: Positioned moments from Frankston's award winning beach, this rare offering presents an opportunity to secure a block of seven self contained apartments producing a strong and diversified income stream. The property generates approximately $113,364 per annum in rental income, with the communal washing machine producing a further $2,500 to $3,000 annually, bringing the total income to approximately $116,000 per year and representing a yield of around 8%. The three ground floor apartments are almost double the size of the upstairs residences and are currently occupied by long term tenants of more than two years. Their stability has meant rents have remained unchanged for some time, presenting clear scope for future rental growth through review of the current agreements. Tenant demand is consistently strong, with the property proving particularly appealing to resident doctors due to the ongoing upgrades at Frankston Hospital, located less than 100 metres away. The location places the property within the Frankston High School zone, walking distance to the Frankston CBD, close to Monash University, Beauty Park, and with excellent connectivity to the Peninsula Link and Frankston Freeway. The building itself has been well maintained and immaculately presented, with upgrades including replacement of four air conditioning units, argon-filled double glazed glass, new artificial grass to the front and rear, and the building repainted throughout. The result is a property that continues to attract quality, stable tenancies, offering investors a low stress income producing asset. Importantly, rooming houses are exempt from land tax, which further enhances the overall investment appeal of this offering.