3 Joy Street, Frankston VIC 3199

3-bed house on 589m² | HCTZ1 high-density zone | leased at $500/wk until Aug 2026 | Frankston High School zone The property’s primary buying case rests on its HCTZ1 zoning, which signals a rare opportunity to secure a single-title site with immediate cash flow and future development upside in a transforming metropolitan corridor. The existing lease provides passive income while the buyer holds, and the Frankston High School catchment adds underlying demand from families. For a buyer seeking a balanced entry into land banking with rental cover, this house offers a defensible position without the carrying costs of vacant land. The main risk is the lease duration until August 2026 at below-market rent, which caps immediate yield and delays any redevelopment timeline. The 1970s build and 112m² floorplan limit owner-occupier appeal without renovation. However, the absence of flood or heritage overlays simplifies future approvals. A buyer should hold the lease, collect income, and monitor the Frankston Hospital precinct expansion for rezoning triggers that could lift land value before the lease ends.