5 Allan Street, Port Kembla NSW 2505

5 Allan Street | Multi-unit block | Central Port Kembla | Redevelopment land | Strong yield The buying case here is the rare combination of immediate cash flow and long-term land value. With five separate dwellings returning over $60,000 annually, this property functions as a turnkey income stream while sitting on a 686m² block in a central coastal suburb. For an investor seeking both yield and future redevelopment optionality, this configuration is competitively scarce. The location—walkable to the train station, shops, and beaches—supports consistent tenant demand, and the absence of flood or bushfire overlays reduces holding risk. This suits a buyer who can manage multiple tenancies and is willing to trade some cosmetic age for a stronger land position. The principal risk is the age and condition of the existing units, which may require capital expenditure to maintain rental levels and avoid vacancy creep. The 2002 purchase price of $149,000 signals a low cost base for the seller, so negotiation room may exist if the property needs updating. The opportunity lies in holding for income while the suburb’s growth trajectory—driven by coastal migration and infrastructure—lifts land value over a five- to ten-year horizon. A buyer should treat this as a buy-and-hold income property with a passive redevelopment option, not a quick flip