A Rare Multi-Unit Richmond Opportunity with Endless Possibilities

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1R/185-191 Lennox Street, Richmond VIC 3121

$950,000 - $1,040,000

Search Band Search Visibility Band

$950k - $1M High Confidence Calculated based on strong search observations.

Apartment 3 Beds 3 Baths 40 m²

Listed: 4th Aug 2026

Overview

This exceptional property presents a rare and flexible investment or multi-residence living opportunity in the heart of Richmond, offering three distinct apartments all owned under a single title. The combination of two one-bedroom units and one studio provides diverse possibilities, from owner-occupation complemented by rental income to leasing all units for sustained returns or exploring short-term accommodation options subject to regulations.

The unique structure allows the owner to adapt the use of the property over time, ideal for multi-generational families or investors seeking multiple income streams within a single asset. Each apartment maintains its private living space, while collectively they deliver noteworthy versatility.

Set in a highly sought-after inner-city locale, the property benefits from proximity to Richmond's vibrant café culture, shopping, entertainment venues, and excellent public transport links. Easy access to Melbourne's CBD enhances its appeal for professionals, tenants, or guests.

Three separate apartments on one title, comprising two one-bedroom and one studio apartments
Exceptional flexibility for various living and investment strategies
Live in one unit and rent the others or lease all for long-term income
Potential for short-term accommodation subject to requirements
Highly desirable Richmond location close to amenities and transport

This offering stands out for those seeking to capitalise on the versatility offered by multiple individually self-contained apartments combined under a single ownership structure in a prime inner-city setting.

Local Market Insights

In Richmond, Quiet Listings observed 24 new apartments entering the market over the last 30 days, up from 11 during the previous 30-day period, with an average advertised asking price of $584,688. The property type mix of listed properties is predominantly Apartments at 50%, followed by houses (32%), and commercial properties (10%). The most active agency for apartments in the Richmond area is currently Jellis Craig, representing 46% of new listings, followed by Dingle Partners with 13%. 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.