10/32 Union Street, Adelaide SA 5000

East End edge | boutique block | 87m² freehold lot | 2002 build | heritage overlay context This unit offers something increasingly scarce in Adelaide’s inner ring – a freehold lot of 87m² on a quiet Union Street address within walking distance of the East End’s festivals, Rundle Street dining, and both Botanic and Adelaide High School catchments. The 2002 build means modern construction standards and lower maintenance than period conversions, while the single open car space and 2‑bedroom layout serve a clear investor or downsizer profile. The listing price sits below the suburb median for two‑bedroom units, and the 18% annual growth in Adelaide units suggests the market is still absorbing stock quickly – days on market average 49, and this has been listed only five days. The heritage overlay introduces a risk: any external alterations will require council approval, which may frustrate future redevelopment but has little effect on a buy‑and‑hold strategy. Rental estimates around $660‑$665 per week imply a gross yield near 5.2% at the current asking price, which is competitive for the postcode. The conflicting sales history – one record at $425,000 in 2015 and another at $215,000 in 2023 – demands clarification; the lower figure likely reflects a related‑party transfer or error, not market value. Buyers should verify title and encumbrances with a conveyancer. If the due diligence clears, this property works best as a city‑fringe hold for rental income or as a low‑maintenance owner‑occupied base with good school access.