52/321-323 Chapel Street, Prahran VIC 3181

heritage conversion edge | compact one-bedroom layout | flood overlay present | apartment building with mixed tenure signals This property occupies a rare position in a heritage building at a price point that undercuts recent two-bedroom sales in the same complex. The flat’s equal indoor-outdoor balance and secure street entry give it a distinct livability advantage over comparable units. It suits a first-home buyer or investor seeking a lower-maintenance foothold in Stonnington with character appeal, where the building’s tenure mix suggests moderate turnover and limited speculative pressure. The flood overlay introduces a specific due diligence cost, potentially affecting insurance premiums and future resale liquidity. The modest historical growth in similar units—some with negative annual returns—indicates this is not a capital growth play. Rental yield at 6.3% area median aligns with income-focused holding, but the $580 weekly rent estimate should be stress-tested against the building’s actual leasing data. Hold this property for steady rental income or as a lifestyle purchase, not for short-term appreciation.