1 Elizabeth StreetFrankston VIC 3199
Property Details for 1 Elizabeth St, Frankston
1 Elizabeth St, Frankston is a 7 bedroom, 8 bathroom Unit and was built in 1950. The property has a land size of 581m2 and floor size of 155m2.This Property is currently listed for sale with Ash Marton Realty
Last Listing description (April 2026)
Positioned moments from Frankston's award winning beach, this rare offering presents an opportunity to secure a block of seven self contained apartments producing a strong and diversified income stream.
The property generates approximately $113,364 per annum in rental income, with the communal washing machine producing a further $2,500 to $3,000 annually, bringing the total income to approximately $116,000 per year and representing a yield of around 8%.
The three ground floor apartments are almost double the size of the upstairs residences and are currently occupied by long term tenants of more than two years. Their stability has meant rents have remained unchanged for some time, presenting clear scope for future rental growth through review of the current agreements.
Tenant demand is consistently strong, with the property proving particularly appealing to resident doctors due to the ongoing upgrades at Frankston Hospital, located less than 100 metres away.
The location places the property within the Frankston High School zone, walking distance to the Frankston CBD, close to Monash University, Beauty Park, and with excellent connectivity to the Peninsula Link and Frankston Freeway.
The building itself has been well maintained and immaculately presented, with upgrades including replacement of four air conditioning units, argon-filled double glazed glass, new artificial grass to the front and rear, and the building repainted throughout. The result is a property that continues to attract quality, stable tenancies, offering investors a low stress income producing asset.
Importantly, rooming houses are exempt from land tax, which further enhances the overall investment appeal of this offering.
Property History for 1 Elizabeth St, Frankston, VIC 3199
- 16 Mar 2026Listed for Sale $1.4M - $1.54M | 8% Yield
- 01 Jan 2023Sold for $1,310,000
- 09 Sep 2022Listed for Sale $1.45 - $1.55 Million
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0About Frankston 3199
The size of Frankston is approximately 19.8 square kilometres. It has 72 parks covering nearly 21.2% of total area. The population of Frankston in 2016 was 36097 people. By 2021 the population was 37331 showing a population growth of 3.4% in the area during that time. The predominant age group in Frankston is 30-39 years. Households in Frankston are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Frankston work in a professional occupation.In 2021, 58.30% of the homes in Frankston were owner-occupied compared with 56.80% in 2016.
Frankston has 21,733 properties. Over the last 5 years, Houses in Frankston have seen a 28.17% increase in median value, while Units have seen a 31.91% increase. As at 31 March 2026:
- The median value for Houses in Frankston is $868,576 while the median value for Units is $592,456.
- Houses have a median rent of $580 while Units have a median rent of $490.
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