401/591-593 Elizabeth Street, Melbourne VIC 3000

Compact student unit | CBD university precinct | Leased to early 2027 | Yield-focused buy | Low entry price. This unit is competitively positioned as one of the cheapest entry points into the Melbourne CBD market, with a current lease fixed to January 2027 at $390 per week. For a yield-focused buyer, the gross return is strong, and the tenant in place removes immediate vacancy risk. The location within walking distance to both RMIT and the University of Melbourne ensures consistent rental demand from students, who are the core demographic for this building. The property serves best an investor seeking a low-maintenance, furnished, and managed-style holding with minimal capital outlay. The primary risk is that student accommodation can carry higher turnover and specific building rules that may limit owner-occupier appeal or resale potential. Heritage overlay on the site could restrict future alterations or renovations. Body corporate fees and building costs should be verified, as they can materially reduce net yield. On the opportunity side, the current lease below market suggests potential for a rent increase at renewal, and the low purchase price leaves room for capital growth in a tightly held precinct.