194 Spence Street, Bungalow, QLD 4870 | House for sale | OnTheHouse
 
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194 Spence Street
Bungalow QLD 4870

Bedrooms: 6
Bathrooms: 2
Car spaces: -
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A Premier Dual-Income Investment Opportunity

Ray White Cairns and Luke Bantoft are proud to present an exceptional opportunity to acquire a versatile, two-level freehold asset that can be utilised as either residential or commercial. Zoned Low Impact Industry, this property occupies a highly sought-after location and offers a secure, diversified income stream with outstanding value-add potential. The residential component is currently achieving circa $49,000.00 per annum, with the two vacant commercial units capable of securing rental rates of $250-$300 per square metre per annum, providing substantial upside for the incoming purchaser.
Boasting a strategic mix of tenanted residential apartments on the first floor and vacant, ready-to-occupy commercial office suites on the ground floor, this asset is perfectly configured for the astute investor seeking a balanced portfolio, or the visionary owner-occupier looking to establish their business while benefiting from additional income.
This substantial 881m² landholding with favourable Commercial zoning features a total built-up area of approximately 400m², comprising 200m² on the ground floor and 200m² on the first floor. Each unit is separately metered, with its own utilities and fitted with solar panels, enhancing efficiency and tenant appeal. The property is fully fenced, showcasing prominent street frontage, ample off-street parking, and secure undercover tenant/staff parking at the rear via convenient side access.
The rear of the property also offers significant development potential, with scope for additional units, a shed, or expanded parking facilities-subject to council approval. This represents an excellent opportunity for further growth and long-term value creation.
Key Investment Highlights
- Immediate & Secure Cash Flow - Two fully furnished residential apartments under lease to quality tenants.
- Significant Rental Upside - Two vacant 100m² commercial suites ready to lease to professional, medical, or retail tenants.
- Unparalleled Flexibility - Ideal for owner-occupiers to establish their business while offsetting holding costs through residential rental income.
- Future Growth Potential - Rear development opportunities subject to council approval.
Properties of this calibre-offering a compelling blend of income, growth, and strategic flexibility-are rarely presented to the market.
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Property Details for 194 Spence St, Bungalow

194 Spence St, Bungalow is a 6 bedroom, 2 bathroom House. The place is currently for sale with Ray White Cairns.

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About Bungalow 4870

The size of Bungalow is approximately 2.2 square kilometres. It has 3 parks covering nearly 1.9% of total area. The population of Bungalow in 2016 was 2159 people. By 2021 the population was 2358 showing a population growth of 9.2% in the area during that time. The predominant age group in Bungalow is 30-39 years. Households in Bungalow are primarily childless couples and are likely to be repaying $1400 - $1799 per month on mortgage repayments. In general, people in Bungalow work in a trades occupation.In 2021, 36.90% of the homes in Bungalow were owner-occupied compared with 34.70% in 2016.

Bungalow has 1,981 properties. Over the last 5 years, Houses in Bungalow have seen a 69.36% increase in median value, while Units have seen a 105.95% increase. As at 30 November 2025:

  • The median value for Houses in Bungalow is $615,273 while the median value for Units is $384,061.
  • Houses have a median rent of $540 while Units have a median rent of $430.
There are currently 14 properties listed for sale, and 6 properties listed for rent in Bungalow on OnTheHouse. According to Cotality's data, 87 properties were sold in the past 12 months in Bungalow.

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