2/119-123 Mount Street, Coogee NSW 2034

Flood overlay | 1974 build | tight parking | competitive rental yield | single car space The flood overlay introduces a material risk mechanism; it may increase insurance costs and complicate future financing for buyers who require a mortgage, but does not preclude use as a long-term hold where the land value in this location continues to appreciate. The rental yield of ~3.75% is modest for the suburb, meaning the property works best for capital growth rather than cash flow. Given the unit sold for $2m in July 2024 and the mid-point valuation now sits around $2.18m, the buyer is acquiring at a point of recent realised growth, not distressed discount. This property should be held as a medium-term core holding in a tightly held coastal suburb. What is competitively strong is the 119m² internal size in a security building, rare for a three-bedroom apartment in Coogee, and the building’s floor plate offers flexibility rarely found in newer stock. The key features—size, low-density block, and proximity to beach and village—serve a buyer who values space over condition or premium finishes. This property suits a downsizer, an investor targeting land-constrained coastal precincts, or a family seeking a long-term base without strata premiums of new builds. Recent comparable sales in the building (unit 3 sold for $3.1m in January 2026, unit 5 for $1.87m in December 2024) confirm wide price variance by fit-out and aspect, making this unit’s value dependent on floor level and views rather than size alone. To proceed, arrange a building inspection focused on flood overlay implications and compare floor plans with unit 3 to justify the bid range.