186 Henry Road, Pakenham VIC 3810

Tri-level townhouse | 132sqm on 80sqm lot | rental yield near 5% | walkable to schools and shops This property occupies an unusual position in Pakenham’s market: a tri-level townhouse with 132 square metres of living on only 80 square metres of land. The configuration gives buyers genuine separation of space across three levels — a rarity in modern townhouse stock — and the floor plan likely suits couples, small families, or investors targeting tenants who value internal space over a backyard. The rental range of $500 to $585 per week suggests a gross yield near 5 percent, which is competitive for the corridor and points to consistent demand from both owner-occupiers and renters. Being zoned for John Henry Primary and Edenbrook Secondary College adds practical appeal for families, while the absence of bushfire, flood, or heritage overlays removes common friction points in due diligence. The main risk is the land-to-building ratio: 80 square metres of dirt supporting a three-storey structure limits future extensibility and may deter buyers who prioritise outdoor area. The 2021 sale date means there is limited recent transaction history to benchmark against, and the wide valuation spread from $470,000 to $625,000 signals genuine disagreement among valuers about where this type of product sits in the current market. The opportunity lies in the tri-level design itself — it is a differentiating feature in a suburb where most townhouses are two-storey, and the internal area is generous for the price band. For a buyer who values square footage over land, or an investor targeting the rental pool, this property offers a distinctive position with measurable yield support and low overlay risk.