Entire Balmain apartment block set to flirt with suburb record

A large apartment block on the shores of Sydney Harbour in Balmain is set to offer buyers a rather unique opportunity the market has yet to see this year.

The site at 1 Caroline St is privately owned and is being sold in one line with 38 apartments over two levels.

Sitting near the Balmain ferry wharf and locals shops, the site also offers the potential for strata sales.

While no price guide has been set at this stage, the building on 1089sqm is expected to be one of the one of the top sales recorded this year in the peninsula suburb.

The Caroline St property is located right near the water.

The current top sale in the suburb for 2020 was a $6.5 million deal struck for a landmark residence at 73 Smith St.

CBRE’s Matthew Fenn and Nicholas Heaton are advising on the sale ahead of the March 31 auction and Fenn says demand for apartment blocks is especially strong at moment due to the safety and security they provide.

“Rather than purchasing an asset anchored by a single tenant, this opportunity provides 38 separate income streams in one of the most highly regarded areas of Sydney,” he says.

There is parking for 16 cars.

“Apartment blocks are a very attractive investment for buyers as it allows an opportunity to refurbish some of the apartments and increase the rent which then improves capital value.”

The block when fully leased offers the buyer a net income of about $511,000 per annum from 38 studio units, complete with 16 basement car spaces.

Each apartment features a kitchenette and bathroom while the building is also equipped with a shared kitchen and laundry and an inner courtyard.

Inside one of the 38 studios.

Recent listings on realestate.com.au reveal studios are renting anywhere between $260 per week and $290 per week in the building. This is $340 per week below the median rental price of $630 per week for apartments in the suburb.

The sale comes as experts predict that the inner west could see rental prices lift towards the end of the year as vacancy rates begin to decline from all-time highs recorded late last year.

This article from the Inner West Courier originally appeared as “Rare Balmain listing offers buyers the unique chance to buy an entire apartment block”.