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Back 1 Elizabeth Street
Off Market

1 Elizabeth Street

Frankston VIC 3199

7
8
3
581 m²
Block of units
Ash MartonAsh Marton, last sold this property on 14 April 2026 after 29 days on market.

Overview

Seven Apartment Investment | Circa $116,000 Annual Income | Approx. 8% Yield

Positioned moments from Frankston's award winning beach, this rare offering presents an opportunity to secure a block of seven self contained apartments producing a strong and diversified income stream. The property generates approximately $113,364 per annum in rental income, with the communal washing machine producing a further $2,500 to $3,000 annually, bringing the total income to approximately $116,000 per year and representing a yield of around 8%. The three ground floor apartments are almost double the size of the upstairs residences and are currently occupied by long term tenants of more than two years. Their stability has meant rents have remained unchanged for some time, presenting clear scope for future rental growth through review of the current agreements. Tenant demand is consistently strong, with the property proving particularly appealing to resident doctors due to the ongoing upgrades at Frankston Hospital, located less than 100 metres away. The location places the property within the Frankston High School zone, walking distance to the Frankston CBD, close to Monash University, Beauty Park, and with excellent connectivity to the Peninsula Link and Frankston Freeway. The building itself has been well maintained and immaculately presented, with upgrades including replacement of four air conditioning units, argon-filled double glazed glass, new artificial grass to the front and rear, and the building repainted throughout. The result is a property that continues to attract quality, stable tenancies, offering investors a low stress income producing asset. Importantly, rooming houses are exempt from land tax, which further enhances the overall investment appeal of this offering.

Features

7 bedrooms
8 bathrooms
3 carspaces
3 open car spaces
581 m² lot size
Block of units

Estimated Value

We need at least 3 similar 7 bedroom block of units sold in Frankston over the last 12 months.

Property history for 1 Elizabeth Street

2026
Sold
Undisclosed
14 Apr 2026 by Ash Marton, of Ash Marton Realty
2023
Sold
Undisclosed
Private Sale/Treaty on 01 Jan 2023 by David Cowrie, of Sayers & Co.

Happy sellers in Frankston

90%
90% of sellers in Frankston reported that their sale price either exceeded or met their price expectations.

Frankston stands out for consistently delivering exceptional satisfaction and strong market results for homeowners.

This is based on voluntary sentiment collected from 202 reviews in Frankston over the last 12 months.

Local market activity for 7 bedroom block of units in Frankston

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Michael McClure

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Luke Magree

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Adam Price

Adam Price is a recommended agent for Frankston.  They have 24 local sales and collected 18 local reviews across the last 12 months.

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Juan Merchan

Sellers who recommend Juan Merchan have praised them for being local expert, clear communication, supportive, reliable, honest, great negotiation and friendly

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