Carpark Sized Apartment Sells for $104k

Every other day there’s a new shocking story about some run down house going for an exorbitant amount. But at least those places have actual property involved.

A Mount Terrace Apartment at 33 Mount Street on the other hand is little more than a closet, and has just sold for $104,000. The CV for the 7.9 square meter room comes out at $70,000 and was sold at auction two years ago for $84,000.

5E-Apartment-33-Mount-Street-building-shot

The property is next to the university and is more of a single bedroom than an apartment. It’s big feature is the lack of a toilet or sink.

“5E, 33 Mount Street Apartment has no fancy features, not even a bathroom in the apartment, this no frills unit boasts pure cash flow. 9% net after body corp and rates…”

5E-Apartment-33-Mount-Street-kitchen-bedroom 5E-Apartment-33-Mount-Street-bedroom-kitchen The pure cashflow will come from a steady stream of students, and as far as student accomodation goes, this is pretty decent really. I’ve seen worse.