23/1-5 Albany Street, St Leonards NSW 2065

Strata apartment | 2 baths & 2 parks | Strong rental yields | Near Anzac Park Public catchment This property presents a competitively strong configuration for a strata apartment in this precinct, where two bathrooms and two parking spaces are a relative scarcity that commands a premium from both owner-occupiers and investors. The configuration aligns with mid-tier apartments that have demonstrated solid capital retention, serving buyers seeking a low-maintenance holding in a dense, well-serviced urban hub. High turnover on the street indicates liquidity, while the absence of overlays simplifies due diligence. It is best suited for a buyer prioritizing functional space and connectivity over land content, benefiting from proven rental demand and quality school catchments that underpin long-term tenancy. The decision hinges on accepting strata governance and the inherent price volatility of smaller units, where inferior aspects or building-specific issues can materially underperform the broader market. The commercial opportunity lies in acquiring a efficiently sized unit with above-average rental utility, where the 2/2/2 format is insulated from the steepest competition among entry-level stock. Hold this property as a long-term rental investment, as the configuration ensures it remains relevant to a wider tenant pool, though expect growth to be tempered by the high volume of comparable strata supply; it is not a speculative play but a defensive income-generating holding. Recent sales of comparable apartments on Albany Street provide a clear value benchmark: – 36/1 Albany St (2 bed, 2 bath, 1 car): Sold $1,100,000 (Feb 2026) – 35/1 Albany St (1 bed, 2 bath, 1 car): Sold $1,115,000 – 26/1 Albany St (2 bed, 2 bath, 1 car): Sold $1,040,000 – 4/30 Albany St (1 bed, 1 bath, 0 car): Sold $662,000 – 2/30 Albany St (1 bed, 1 bath): Sold $670,000 (Oct 2025) This data confirms a clear price gradient based on bedroom count and parking, with two-bedroom units with parking consistently achieving sales above $1 million. Your target property, with its two bathrooms and two parking spaces, would logically sit at the upper end of this two-bedroom spectrum, justifying a valuation comfortably exceeding the $1.1 million mark, provided its condition and building merits are commensurate.