A standout in the student accommodation market, 421/42 Porter Street, Prahran delivers an exceptional blend of location, lifestyle, and investment strength. Positioned at the front of the building with CBD views, this Level 4 apartment sits within a purpose-built student complex - Levels 1–5, offering investors a secure, high-yield asset in one of Melbourne’s premier lifestyle and education precincts.
With international students returning in record numbers and Melbourne’s tertiary demand on the rise, rental yields across this sector continue to strengthen. The property is currently leased at $17,208 P.A. until February 2026, with an anticipated market rent of approximately $18,720 P.A. thereafter — reinforcing the growth potential for incoming investors.
Property Highlights
Fully furnished 1-bedroom apartment with open-plan living and bedroom area, plus private balcony
Separate bedroom area with built-in robe and shelving
Sleek kitchen with gas cooktop, microwave, dishwasher and ample storage
Central bathroom with modern fittings and a functional layout
Purpose-built for students on Levels 1–5
Secure building with lift access, intercom, communal lounge, and laundry facilities
Front-facing position with elevated leafy and CBD outlook
Location Advantage
Just 2 minutes to Prahran Station – direct CBD and university access
Steps from Chapel Street, Greville Street, and Prahran Market
Surrounded by cafés, parks, nightlife, and tram routes
Easy reach of Melbourne Polytechnic, Swinburne, RMIT, and other tertiary hubs
Investment Snapshot
Price: $169,900
Current Rent: $17,208 P.A.
Lease Term: 18 Feb 2025 – 10 Feb 2026
Anticipated Market Rent, Feb 2026: 18,720 P.A.
Indicative Anticipated Gross Return: Approximately 11% p.a.
Outgoings: Strata $1,963.60 p.a.
Council $480 p.a.
Water $640 p.a.
Leased: With a secure income stream
Investor Note:
Front-facing apartments in this complex are tightly held and consistently sought after for their light, city views, and rental performance. With low outgoings, strong yield fundamentals, and potential rent growth, this represents an affordable, set-and-forget investment within Melbourne’s most vibrant student corridor.
Contact us today for further Information on this quality, affordable investment and to arrange a private inspection.
Disclaimer: Figures are indicative only and based on past performance. This information is general in nature and does not constitute financial or legal advice. Prospective purchasers are encouraged to conduct their own due diligence and independent research before making any investment decision.
Images shown are of the building and comparable apartments within the complex; they may not depict the exact layout or furnishings of this specific apartment. Buyers should inspect the property in person to verify details and condition.
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