114/42 Porter Street is nestled just behind the fashionable Chapel Street, near the corner of Greville Street. It boasts student living with a 3 minute walk to Melbourne Polytechnic - Prahran Campus and your choice of trams on High Street, Commercial Road, Chapel Street and St Kilda Road or Prahran Train Station at your door step. Travel is simple and easy to accomodate for all new students entering the area for study. Not to mention, Chapel Street is world renowned for being an iconic Melbourne location.
With affordable wifi rates, cheap-as-chips laundry facilities and car parking at 1/5 of regular retail price, living in this building is well sought after.
This apartment currently has a long term student, now re-signing for another 12 month lease, following their previous 12 months in the same apartment.
NETT income is just shy of $6,000 with current rental rates. Believe it or not, pre covid, owners were earning a net income of circa $10,000. There is strong data that indicates we will see this once again. As international borders have opened, and student applications are flooding into SHA (Student Housing Australia), rental rates will start to increase throughout the next 12 months. If you're willing to stick it out low for a little while, the possibilities are endless. Melbourne is the best city in Australia for international students, and Student Housing Australia is busily processing applications.
Now is a great time to buy. If you'd like more info or to arrange a private inspection, please shoot me an email or reach out via 0450540143.