603/235-237 Pirie Street, Adelaide SA 5000

Studio flat on level 6 | East End Adelaide | tenanted at $435pw until August 2026 | compact but fully functional. This is a rare entry-level freehold in Adelaide’s East End, a precinct where sub-30m² apartments seldom trade and where rental demand is structural. The tenancy in place until August 2026 provides immediate income certainty, and the $435 per week rent represents strong yield for the price point. The building’s NBN Fibre to the Building and 5G coverage support remote workers, a demographic that favours small, well-located units. This property suits an investor seeking a low-maintenance, inner-city holding with minimal vacancy risk, or a first-home buyer wanting to enter the market with a manageable mortgage and a tenant already covering costs. The key risk is the 28–30m² floorplate, which limits owner-occupier appeal and future capital growth relative to larger apartments. Buyers should note that financing may be restricted with some lenders, and resale will depend on finding another investor or a downsizer comfortable with compact living. The lack of a confirmed car space is a further constraint in a car-dependent city. On the commercial side, the rental yield is above average for Adelaide’s CBD, and the fixed lease period removes short-term vacancy exposure. Hold this property as a long-term rental, reinvesting the surplus cash flow, and exit only when the yield compresses or the precinct sees a catalyst for price growth.