161 Gould Street
Frankston, VIC 3199

This rare waterfront property offers a versatile dual-living layout, ideal for investors and holidaymakers seeking consistent year-round returns or a summer holiday destination. Located within the Frankston High School Zone, it suits extended families or those wishing to rent out the rear bungalow while residing in the front residence.

Positioned between the golden sands of Long Island Beach and the peaceful waters of Kananook Creek, this property is perfect for investors and families alike. It presents an opportunity to land bank now and either build your dream home or renovate over time.

The front section features a secure double carport and private entrance leading to an open-plan living, dining, and kitchen area. The interior showcases timber-look flooring throughout, complemented by carpeted bedrooms. Situated on approximately 425 square meters, the home is in original, older renovated condition, serving as a blank canvas with ample potential to reconfigure the floor plan to suit personal tastes. It can also be rented as a bed and breakfast or leased long-term.

Key features include:

• Split system heating and cooling for year-round comfort.
• Potential to restore the original open fireplace.
• A functional kitchen equipped with a gas cooktop, Whirlpool oven, dishwasher, and breakfast bar.
• Three spacious bedrooms with built-in robes.
• A private central bathroom that integrates laundry and storage space.
• A loft ladder providing access to additional ceiling storage.
• A 10kW solar system enhancing energy efficiency.

A separate self-contained cottage residence backs onto a private jetty, boasting a light-filled living and dining area, a spacious kitchen ideal for guests, teenagers, or in-laws, and flexible short- or long-term accommodation options. The cottage includes a large master bedroom with stunning views, a second bedroom with an ensuite, under-house storage, a large deck, and a landscaped garden.

The outdoor area flows down to the private jetty and boat house, offering direct access to Kananook Creek. This feature is unique as not all properties along this strip have established jetties or direct boat launching access.

Additional property features include a double remote carport, pergola, and side access. The location is within walking distance to Frankston's vibrant restaurants, cafes, cinemas, train station, Long Island Beach, Frankston Pier, and scenic waterfront boardwalks. It is approximately 45 minutes from Melbourne's city center, with convenient access to Peninsula and Eastlink on-ramps.

The property is currently tenanted, generating a combined rental return of $710 per week from both the front and rear residences.

Please note that some photos are for presentation purposes and may be over six months old. The home was renovated several years ago and reflects a lived-in condition with typical wear and tear inside and out.

Prospective buyers are advised to conduct their own due diligence regarding legal, council, and building checks, as well as compliance with new rental regulations via Consumer Affairs. The information provided is believed to be accurate but is not guaranteed, and buyers should seek independent advice before making any property decisions.