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Overview
Offering a rare investment and development opportunity, this solid brick complex comprises six fully leased, individually titled two-bedroom apartments located in central Dandenong on a substantial 836sqm allotment zoned Residential Growth Zone 2 (RGZ2). Ideal for investors seeking immediate rental income or developers planning a significant future project, the property's prime rectangular land parcel includes rear lane access (ROW) and possibility for constructing additional units, with preliminary architectural sketches available for a 20-unit development over five levels.
The six units, split with three on the ground floor and three above—each first-floor apartment boasting a private balcony—are well maintained and have undergone recent refurbishments in five of the six apartments. Interiors are bright and feature open plan living with near-new reverse cycle air-conditioning, modern kitchen finishes including stone benchtops (except one unit), built-in wardrobes in generously sized bedrooms, and combined tiled bathroom and laundry areas with updated shower tiling. Energy-efficient instantaneous hot water systems and gas cooking facilities enhance the practical appeal of the homes.
Structurally robust, the solid brick build offers excellent thermal comfort, maintaining warmth in winter and coolness in summer, while the first-floor units enjoy pleasant views to the west and north. Infrastructure upgrades such as new modern switchboards, smoke alarms, roof gutter renewals, and PVC stormwater pipe replacements ensure low maintenance and tenant safety.
Currently yielding a combined approximate annual rental return of $111,240, rental income is under market, presenting opportunities to enhance yields over time. The tenant profile consists of quiet, reliable working individuals, reinforcing the property's potential as a set-and-forget investment.
Strategically positioned within easy walking distance to Princes Highway, Dandenong Market, Plaza, and train station, this property offers enviable access to commercial districts, employment hubs, parks, and schools, amidst a vibrant and evolving neighborhood marked by multi-level residential developments. This combination of steady rental income, redevelopment potential (subject to council approval), and prime location creates an exceptional offering suited for investors and developers alike.
Local Market Insights
In Dandenong, Quiet Listings observed 9 new apartments entering the market over the last 30 days, up from 7 during the previous 30-day period, with an average advertised asking price of $650,111. The property type mix of listed properties is predominantly Houses at 41%, followed by townhouses (19%), and units (18%). Ray White was the most active agency in this area, representing 32.5% of all new listings in the last 30 days. These insights are based on agencies currently monitored by Quiet Listings and are updated as the local market changes.
While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.
Location
Dandenong VIC 3175
Market Insights for Dandenong VIC 3175
Other properties in this postcode
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