101/268 Flinders Street, Melbourne VIC 3000

2-bedroom flat in Melbourne CBD | heritage-listed 1900 build | low-rise apartment block | strong rental yield potential The property’s position in the Capital City Zone offers rare flexibility for a residential buyer, as the zoning permits future commercial or mixed-use conversion if the building’s heritage overlay allows. The 2021m² lot size is unusually large for a single apartment, which could support strata subdivision or collective sale with neighbouring units over time. For an investor, the current rental yield of roughly 5.8% based on the lower value estimate is competitive for the CBD, and the 24/7 security and gym add tenant appeal. This flat best suits a buyer seeking stable cash flow with a long-term repositioning option. The heritage and flood overlays introduce constraints that limit renovation scope and may increase insurance costs, while the body corporate fee of $7,245 per annum is high for a two-bedroom unit, eroding net yield. The value discrepancy between estimates suggests the property may be under-priced relative to comparable flats, offering a potential entry discount if due diligence confirms structural soundness. Hold this property for rental income and monitor zoning changes that could unlock its land value.