194 Spence Street, Bungalow, QLD, 4870

For Sale

194 Spence Street, Bungalow, QLD, 4870

Contact Agent.

881 m²

BlockOfUnits

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30+ days on the market

What's around 194 Spence Street

Mixed-Use Investment with Dual Income & Strong Upside

Opportunities combining immediate income, flexible zoning, and future upside in this location are rarely offered. Positioned just minutes from Cairns City on the CBD fringe, this freehold mixed-use property presents a strategic acquisition for investors and owner-occupiers seeking strong accessibility and long-term potential. SITE & ZONING • Land area: 881m². • Zoning: Low Impact Industry. • Fully fenced and secure rear carpark, with excellent street frontage and strong exposure. • Ample off-street parking, plus additional undercover parking at the rear via side access. • Rear portion of the block offers room for future development, storage, or expanded parking, subject to council approval. • Primary Land Use SHOPPING GROUP (MORE THAN 6 SHOPS) • Secondary Land Use MULTI UNIT DWELLING (FLATS) BUILDING OVERVIEW • Total building area: approximately 400m². • Separate power metering for each tenancy. • Solar power system installed, supporting long-term efficiency and lower operating costs. 5 Kw per unit RESIDENTIAL COMPONENT- Existing Income • The upper level contains two spacious apartments, providing immediate holding income for the incoming purchaser. • Well-appointed kitchens. • Open-plan living areas. • Unit 1 upstairs. Lease expires 04/06/2027 @$500 per week • Unit 2 offers . Lease expires 23/03/2027 @ $500 per week The residential component is currently returning approximately $52,000 per annum, ($500 per week) providing stable cash flow while future improvements are considered. COMMERCIAL COMPONENT - Value-Add Opportunity • The ground floor includes two commercial tenancies totaling approximately 200m², currently vacant. • Estimated market rental: $200 to $250 per m² per annum. • This presents a clear value-add opportunity for an incoming purchaser to secure new commercial tenants and enhance overall returns. FINANCIAL SNAPSHOT • Current residential rental income: approximately $52,000 per annum. • Council rates: approximately $14,800 per annum. Water included in Rates. • Proposed commercial rental: $200 to $250 per m² per annum across approximately 200m². • Combined commercial building space: approximately 200m². INVESTMENT SNAPSHOT • Strategic CBD fringe location with strong accessibility. • Flexible Low Impact Industry zoning supporting mixed-use operations. • Immediate residential income plus a clear commercial leasing opportunity. • Potential to reconfigure as a Three-unit residential complex, subject to approvals. • Solar power and separate metering enhancing efficiency and appeal. 5 Kw per unit • Development potential at the rear of the site, subject to council approval. This is a rare opportunity to acquire a versatile, income-producing asset in one of Cairns' most practical commercial zones, suited to investors seeking yield and strategic positioning or owner-occupiers wanting to combine business use with additional rental return. Call Maria King to inspect: 0409 717 891 These photographs have been enhanced for marketing purposes and may not reflect the actual appearance or dimensions of the property. They are intended to provide a visual representation of the property's potential and should not be relied upon as a basis for making decisions about purchasing/renting. Prospective buyers/renter should conduct their own due diligence, including inspection and verification of property features and conditions. REMAX Powerhouse are not responsible for any errors, inaccuracies, or misrepresentations in the photographs. REMAX Powerhouse is a licensed real estate agency. We are not licensed builders, inspectors or valuers and the information contained here has been provided to us by third parties. The information is for guidance only. Whilst we make efforts to ensure all information contained herein is gathered from sources we believe to be reliable, we provide no guarantees concerning the accuracy, completeness, or current nature of the information and disclaim all liability in respect of any errors, inaccuracies or misstatements contained herein. It is not intended as building, pest, planning or other advice and should not be construed or relied on as such. Prospective purchasers must undertake their own due diligence, enquiries and undertake various searches to verify the information contained herein. The information has been prepared without taking into account your personal objectives or needs for the property. Before making any commitment of a legal or financial nature you should consider the appropriateness of the information having regard to your circumstances and needs and seek advice.