507/338 Kings Way, South Melbourne VIC 3205

2 bed 2 bath 1 car | Silver Leaf complex | 45% owner 55% renter | flood and heritage overlay present | strong location near Albert Park and Arts precinct The buying case here is a well-configured two-bedroom apartment in a large complex with a balanced owner-renter mix, which supports both capital stability and tenant demand. The dual bathroom layout and single car space give it an edge over smaller units in the same building, making it suitable for a professional couple or downsizer wanting low-maintenance city access. Its position near the CBD, tram routes, and lifestyle precincts means the location itself does much of the work for future resale or rental appeal. The building’s flood and heritage overlays are not unusual for inner Melbourne but should be confirmed for any impact on insurance or future works. The primary risk is the building size—187 properties can mean variable management quality and potential for special levies, so body corporate fees and sinking fund health need verification. The opportunity lies in buying below the local two-bedroom median with a configuration that appeals to both owner-occupiers and investors, giving flexibility on exit. Hold this property for steady rental yield and capital growth tied to the precinct’s ongoing demand.