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Back 31/502 Princes Highway
Off Market

31/502 Princes Highway

Narre Warren VIC 3805

2
1
1
Apartment
Last sold for $320,000
Cathy YuanCathy Yuan, last sold this property on 05 June 2025 after 108 days on market.

Overview

Secured Serviced Apartment Investment Opportunity

Investor Only - No Owner Occupiers - 7.92% Gross Return - 2 Bedroom, 1 Bathroom, Serviced Apartment 16/504 PRINCES HIGHWAY, NARRE WARREN Summary: Type: 2 Bed, 1 Bath Serviced Apartment with Parking Tenant: Quest Serviced Apartment Hotel Monthly Rent: $2,045.03 Outgoings: Owners Corporation Maintenance Fund: $319.63 per quarter (Owner's Contribution) All other outgoings paid by tenant Rent Increase: 4% in July 2024 Market Rent Review: Scheduled for 2025 Lease Terms: Further 3 terms of 5 years, next term commencing in 2025 About Quest Serviced Apartment Hotel: Quest is a leading provider of serviced apartment accommodation, offering spacious and comfortable living spaces for short and long-term stays. With a strong reputation for quality service and hospitality, Quest attracts both leisure and business travellers, ensuring consistent rental income for property owners. About Narre Warren: Narre Warren is a vibrant suburb known for its family-friendly environment, excellent amenities, and convenient access to transportation. Residents enjoy proximity to shopping centres, schools, parks, and recreational facilities, making it a highly sought-after location for investors. Property Features: This spacious 2-bedroom serviced apartment offers modern living with convenience at your doorstep. With Quest Serviced Apartment Hotel as the tenant, investors can enjoy hassle-free ownership and a reliable rental income stream. Why Invest: Established Tenant: Quest Serviced Apartment Hotel ensures stable rental income. Convenience: Close to amenities, schools, parks, and public transport. Future Growth: Rent increase and market rent review offer potential for increased returns. Long-Term Lease: Further lease terms provide security and peace of mind for investors.

Features

2 bedrooms
1 bathroom
1 carspace
1 open car space
Apartment

Estimated Value

Based on this property and similar 2 bedroom apartments sold in Narre Warren over the last 12 months, the estimated median property value of 31/502 Princes Highway is $475.25k.

Median value
$475.25k
Estimated value range
$320k - $560k
Median days on market
68
Estimated value trend
13%
increase over the last 12 months
Average days on market is based on recent, comparable sales in Narre Warren. It is only an indication of the time a property is actively listed and should not be relied upon as an accurate representation of how soon a property will be sold.

Property history for 31/502 Princes Highway

2025
Sold
$320,000
05 Jun 2025 by Cathy Yuan, of Professionals First & Co.

Happy sellers in Narre Warren

92%
92% of sellers in Narre Warren reported that their sale price either exceeded or met their price expectations.

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

This is based on voluntary sentiment collected from 50 reviews in Narre Warren over the last 12 months.

Local market activity for 2 bedroom apartments in Narre Warren

In the last 12 months, 5 two-bedroom apartments similar to 31/502 Princes Highway, have been sold.

This represents a 200% decrease in two-bedroom apartments sales when compared to the previous 12 months.

Nearby agents

Compare and contact these top performing agents who’ve delivered exception customer service for their clients in Narre Warren

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Javid Zada

Sellers who recommend Javid Zada have praised them for being clear communication, local expert, supportive, dedicated, honest, responsive and great negotiation

  •   5   (143 reviews)
  •  14 Reviews in Narre Warren
  •  28 Sales in Narre Warren
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Kappa Pugalendran

Kappa Pugalendran is a recommended agent for Narre Warren.  They have 4 local sales and collected 4 local reviews across the last 12 months.

  •   5   (27 reviews)
  •  4 Reviews in Narre Warren
  •  4 Sales in Narre Warren
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Khaled Arabzadeh

Sellers who recommend Khaled Arabzadeh have praised them for being clear communication, local expert, honest, great negotiation, responsive, reliable and hard-working

  •   4.9   (494 reviews)
  •  3 Reviews in Narre Warren
  •  9 Sales in Narre Warren
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Dale Donaldson

Dale Donaldson is a recommended agent for Narre Warren.  They have 6 local sales and collected 3 local reviews across the last 12 months.

  •   5   (9 reviews)
  •  3 Reviews in Narre Warren
  •  6 Sales in Narre Warren
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