30 River Street
Mylestom, NSW 2454

Overview

30 River Street

Positioned in one of Mylestom's most tightly held waterfront pockets, this River Street property is primarily an income-producing asset located in an area where accommodation supply is limited and demand remains consistently strong. Situated directly opposite the waterfront reserve, which features a small sandy beach providing easy access for launching kayaks or small boats, and only 400 metres from North Beach, the location supports both permanent rental and holiday accommodation. This makes it ideally suited for investors seeking reliable returns and long-term growth.

The property holds Development Approval for a backpackers hostel, significantly expanding its commercial potential and offering flexibility for short-stay accommodation, worker housing, or traditional residential leasing. Currently, it is configured as two fully self-contained residences, providing immediate dual-income capability. The upstairs residence is estimated to generate approximately $750 per week, while the downstairs level is estimated to return about $650 per week, creating a combined potential rental income of up to $1,400 per week.

The ground floor features four well-sized bedrooms, each with its own sliding door entry, a spacious open-plan living and dining area with a wood fireplace, and a centrally positioned kitchen. The tiled flooring throughout, two outdoor bathrooms, external laundry, storage room, and private rear courtyard contribute to low maintenance requirements while maximizing tenant functionality and occupancy appeal.

Upstairs, the main residence offers uninterrupted river views from both the living area and the main bedroom, which opens onto an elevated verandah. The country-style kitchen includes gas cooking facilities, complemented by a fully tiled bathroom featuring a clawfoot bath. There are three additional bedrooms and an enclosed sunroom, providing comfortable, high-demand accommodation suitable for long-term tenants or premium holiday letting. The upper loft adds further versatility, serving as additional sleeping space, a studio, or a home office, enhancing the overall rental flexibility.

Opportunities to acquire a genuine dual-income waterfront holding with existing approvals for expanded accommodation are exceptionally rare. With multiple income streams, strong weekly rental potential, and a tightly held coastal location supporting future capital growth, this property represents a high-performing investment offering both immediate cash flow and long-term upside potential.

Council Rates are approximately $4,101.68 per annum.

Location