87 Cedar Street, Thomastown, VIC 3074 | Other for sale | OnTheHouse
 
FOR SALE
$690,000 - $759,000

87 Cedar Street
Thomastown VIC 3074

Bedrooms: 4
Bathrooms: 2
Car spaces: 2
Land area: 416m2
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Off-Market Investment Opportunity - Proven Rooming House Income

A rare opportunity to secure a high-yield investment in a prime Thomastown location. Currently operating as a registered rooming house, this well-maintained property provides an established income stream while offering future flexibility for investors and owner-occupiers alike.
The property is configured with multiple rooms, common living areas, kitchen facilities and shared bathrooms, designed to maximise rental return and tenant comfort. With strong occupancy and multiple income streams, it presents an excellent set-and-forget investment with attractive returns.
Current rental figures show a gross income of approximately $50,000+ per annum across four rooms, delivering a solid return for investors seeking immediate cash flow.
Positioned directly opposite a school and within easy reach of local shops, transport and amenities, the location ensures consistent demand from tenants.
For those looking longer term, the property also provides the flexibility to convert back to a traditional residential home (STCA), creating additional upside for future owner-occupiers or renovators.
Key Highlights
• Established rooming house investment
• Approx. $50,000+ annual gross income
• Strong tenant demand and proven occupancy
• Generous allotment of approx. 416m²
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Property Details for 87 Cedar St, Thomastown

87 Cedar St, Thomastown is a 4 bedroom, 2 bathroom Other with 2 parking spaces. The property has a land size of 416m2. The place is currently for sale with Ray White South Morang.

Building Type
Other
Land Size
416m2
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About Thomastown 3074

The size of Thomastown is approximately 14.7 square kilometres. There are 23 parks, covering nearly 4.0% of the total area. The population of Thomastown in 2016 was 20523 people. By 2021 the population was 20234 showing a population decline of 1.4% in the area during that time. The predominant age group in Thomastown is 30-39 years. Households in Thomastown are primarily couples with children and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Thomastown work in a trades occupation.In 2021, 67.80% of the homes in Thomastown were owner-occupied compared with 68.50% in 2016.

Thomastown has 12,112 properties. Over the last 5 years, Houses in Thomastown have seen a 14.66% increase in median value, while Units have seen a 18.43% increase. As at 31 May 2026:

  • The median value for Houses in Thomastown is $791,273 while the median value for Units is $541,486.
  • Houses have a median rent of $530 while Units have a median rent of $483.
There are currently 75 properties listed for sale, and 34 properties listed for rent in Thomastown on OnTheHouse. According to Cotality's data, 496 properties were sold in the past 12 months in Thomastown.

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Ben Pellicori
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Britt Pellicori
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Ray White South Morang
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