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304 Racecourse Rd 1,485 SF 100% Leased Retail Building Flemington, VIC 3031 $621,110 ($418.14/SF) 7% Cap Rate
Investment Highlights
- Two established income streams from a ground-floor shop and upstairs residence.
- Close proximity to tram networks, Newmarket Station, and major arterials including CityLink.
- Includes two secure on-site car spaces, a valuable feature in the retail strip.
- Excellent location adjoining FoodWorks supermarket, ensuring strong foot traffic.
- Modern, well-presented ground-floor retail space currently leased; upstairs two-bedroom dwelling offers versatility.
- Consistent annual income of $60,348 under current tenancy agreements.
Executive Summary
This exceptional retail investment offers dual income streams in the vibrant heart of Flemington’s bustling retail strip. Positioned alongside a major supermarket and steps from key tram and train links, the property maximizes visibility and walkability, underpinning strong tenancy appeal. Comprised of a modern ground-floor barber shop and a two-bedroom dwelling above, this fully leased asset generates a combined annual income of $60,348, representing an attractive 7% yield.
The location provides seamless connectivity, with Newmarket Station, Wellington Street tram stop, and CityLink motorway within easy reach. The surrounding precinct thrives with cafés, local retailers, and everyday conveniences, ensuring consistent customer traffic. Investors will appreciate the versatile configuration, secure on-site parking, and proximity to Melbourne’s CBD, enhancing long-term value.
This is a rare opportunity to secure a multi-income freehold asset in one of Melbourne’s most dynamic and tightly held retail corridors.
The location provides seamless connectivity, with Newmarket Station, Wellington Street tram stop, and CityLink motorway within easy reach. The surrounding precinct thrives with cafés, local retailers, and everyday conveniences, ensuring consistent customer traffic. Investors will appreciate the versatile configuration, secure on-site parking, and proximity to Melbourne’s CBD, enhancing long-term value.
This is a rare opportunity to secure a multi-income freehold asset in one of Melbourne’s most dynamic and tightly held retail corridors.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
1,485 SF
Building Class
C
Price
$621,110
Price Per SF
$418.14
Cap Rate
7%
NOI
$43,478
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.16
Lot Size
0.21 AC
Frontage
16’ on State Route 83
Amenities
- Signage
- Air Conditioning
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304 Racecourse Rd
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