1/3 Mahomed Street, The Gap NT 0870

2 beds, 3 car spaces | above-average lot | below-median price | slower market cycle This unit presents a tangible configuration advantage with three car spaces, a practical rarity for a two-bedroom property that enhances utility and resale appeal for tradespeople, multi-vehicle households, or those requiring storage. Its lot size is materially larger than many comparable units, offering superior outdoor space. The asking price positions it notably below the current median for two-bedroom units in The Gap, creating an immediate entry point advantage. This specific offering is best suited for a budget-conscious buyer, such as a first-home buyer or an investor, who prioritises practical space over premium finishes and can capitalise on the existing rental yield strength of the area. The primary decision mechanism is the trade-off between a discounted purchase price and the cost of illiquidity, as the area’s average 209 days on market indicates a slower sales cycle requiring a longer-term hold. The $250,000 list price sits above the estimated market value of $233,000, which is informed by direct, recent comparable sales on the same street. This discrepancy necessitates disciplined negotiation to align price with demonstrated street-level value. For an investor, the established 7.6% median rental yield provides a solid income rationale to offset holding costs. Conclude with a plain judgment: proceed only if acquisition can be secured at or very near the evidenced market value, treating this as a long-term hold to weather the slow market and realise the benefit of its spatial advantages. Recent sales on Mahomed Street provide a clear value benchmark: – 2/3 Mahomed Street: $220,000 (Oct 2025, 2 bed, 1 bath, 2 parking) – 5/3 Mahomed Street: $190,000 (Sep 2024, 2 bed, 1 bath, 2 parking) – 4/3 Mahomed Street: $227,000 (Sep 2021, 2 bed, 1 bath, 2 parking) – 3/3 Mahomed Street: $210,000 (Apr 2017, 2 bed, 1 bath, 3 parking) This data anchors the subject property’s value below $227,000, with its extra car space offering a marginal premium over the most recent $220,000 sale. Your offer must be disciplined by this direct street evidence, not the broader suburb median.