799 Princes Highway, Springvale North – bordering Mulgrave.

Rarely is an investment with boundless long term prospect and generous immediate return offered for sale. An entire apartment building in a favourable Location, Location, Location! Eight 50m2 (approx) apartments on two levels, all separately metered. Comprised of double bedroom with built-in robes, fully lined drapes and ensuite-style full bathroom. Kitchen with upright cooker and abundant cupboards. The open plan living area has reverse cycle heating and air conditioning, with woollen blend plush pile carpet throughout. There is a laundry on each level for resident’s washing machines and clotheslines at the rear; adjoining the car parking area.
This substantial building radiates character and would benefit from exterior and some internal painting, but is otherwise well maintained. The apartments have upgraded electrics with circuit breakers and safety switch. Intercom and water saving devices are installed and the picturesque main entry doors are 1 hour fire rated.
It is presented as vacant possession or part tenanted. With a little TLC, fully let it returns $91,520 per annum (approx). Cosmetic enhancement will increase your yield.
The potential currently exists to redevelop the 739m2 (approx) site to three levels, with parking underneath or possibly basement car park with storage (STCA).
These apartments are in high demand from prospective tenants due to the fabulous location; that provides convenient access to Coles Supermarket, an array of speciality stores and eateries within walking distance, plus public transport. A bus stop is directly in front and the train station is 2kms. The Springvale Homemaker Centre and Monash University are just up the highway.
Photo ID required at all open for inspections.