23/98 Nicholson Street, Fitzroy VIC 3065

Heritage studio | city outlook | shared gardens | prime Fitzroy edge This apartment occupies a rare intersection of architectural pedigree and urban convenience. The heritage Cairo building offers a distinctive, light-filled studio with a north-facing balcony and shared gardens,features that command a premium in Fitzroy’s tight market. For a buyer seeking a lock-and-leave city-fringe base or a high-yield rental investment, the configuration supports strong demand from professionals and downsizers. The 5.4% suburb rental yield and reliable NBN add practical appeal without being primary drivers. The primary risk is the small floorplate and lack of parking, which narrows the buyer pool and may limit capital growth relative to larger units. The heritage overlay restricts alterations, so any renovation must be carefully scoped. However, the building’s low turnover and prime location opposite Carlton Gardens provide a buffer against market softening. The buyer should hold this property for steady rental income and long-term appreciation, not short-term flipping.