Positioned in one of Mylestom's most tightly held waterfront pockets, this River Street property is first and foremost an income-producing asset in a location where accommodation supply is limited and demand remains consistently strong. Directly opposite the waterfront reserve - where a small sandy beach provides easy access for launching kayaks or a small tinnie - and only 400 metres to North Beach, the setting supports both permanent rental and holiday accommodation, making it ideally suited to investors seeking reliable returns and long-term growth.
The property is DA-approved for a backpackers hostel, significantly broadening its commercial potential and providing flexibility for short-stay accommodation, worker housing, or traditional residential leasing. Currently configured as two fully self-contained residences, it offers immediate dual-income capability with the upstairs residence estimated to return $750 per week and the downstairs level approximately $650 per week, creating a combined potential return of up to $1,400 per week.
The ground floor provides 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. Tiled flooring, two outdoor bathrooms, external laundry, storage room and private rear courtyard keep maintenance simple while maximising tenant functionality and occupancy appeal.
Upstairs, the main residence captures uninterrupted river views from both the living area and main bedroom opening onto the elevated verandah. A country-style kitchen with gas cooking, full tiled bathroom with clawfoot bath, three additional bedrooms and an enclosed sunroom provide comfortable, high-demand accommodation suitable for long-term tenants or premium holiday letting. The upper loft adds further flexibility for additional sleeping space, a studio, or home office, enhancing overall rental versatility.
Opportunities to secure 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 with both immediate cash flow and long-term upside.
Council Rates: $4,101.68 per annum
