1-3/16 Elizabeth Street, Norwood, SA 5067

Three individually strata-titled units on 861 sqm (approx.), to be sold as one!

Rarely offered – this superbly maintained unit block is privately positioned away from the heart of Norwood’s vibrant streets. Purchase as a secure income stream and capital growth asset, or land bank for future development.

Cory Mayo Real Estate is proud to present a once-in-a-lifetime investment opportunity – a block of three solid brick units on an expansive 861 sqm allotment. Each unit is individually strata-titled and located just 2 km east of the Adelaide CBD, in the heart of Norwood. Rarely does a landholding of this scale become available, with over 27 m of frontage offering endless development potential, all while providing a generous rental return from three separate income streams.


Boasting 2.7 m ceilings, each single story solid brick unit features two bedrooms, a spacious open-plan living, meals, and kitchen area, bathroom, and separate laundry. All enjoy direct access from the undercover carport and verandah. The block currently generates a combined gross income of $1,365 per week ($70,980 per year). Units 2 and 3 offer an open-plan kitchen, dining, and lounge layout.

Current lease details:
Unit 1: $435/week – leased until 4/10/25
Unit 2: $460/week – leased until 10/10/25
Unit 3: $470/week – leased until 25/03/26

These original, solid brick two-bedroom units present a unique opportunity for astute investors to achieve an instant uplift in income through renovation, while also enjoying tax depreciation benefits and equity growth to reinvest.

With tree-lined streets and unmatched connectivity, this property is a rare gem offering investors and developers a lucrative foothold in a thriving rental market, with strong potential for capital growth, redevelopment, or long-term land banking.



Lifestyle & location highlights:
Enjoy the best of the eastern suburbs lifestyle in this vibrant Norwood pocket, surrounded by cafés, bars, fine dining, retail, cinemas, gyms, and Norwood Oval. Just five minutes’ drive to the newly renovated Burnside Shopping Centre, and close to elite schools including Pembroke School and Loreto College. Zoned to Norwood Primary and Marryatville High.


Expression of Interst - closing 2/9/25 at 1pm - USP


Contact:
Call Cory Mayo on 0457 300 800 or Michael Underwood on 0411 551 220 to arrange an inspection.




Year Built | 1992 (approx.)
Land Size | 861 sqm (approx.)
Frontage | 27.15 m (approx.)
Depth | 31.67 m (approx.)
Zoning | GN – General Neighbourhood
Local Council | City of Norwood Payneham & St Peters
Council Rates | $TBA pa per unit (approx.)
Water Rates (excl. usage) | $528.90 pa (approx.)
ESL | $TBA pa (approx.)
Current Rental | $1,365/week in total
Title | Strata-titled – Unit 1: 5049/702, Unit 2: 5049/703, Unit 3: 5049/704
Unit Size | 124 sqm each (approx.)
Construction | Solid brick
Gas | Connected
Sewerage | Mains


Thinking of selling?
Find out where your property sits in today’s market. Receive a free online appraisal delivered to your inbox – simply text your address to 0457 300 800.


Disclaimer: All information provided has been obtained from sources we believe to be accurate; however, we cannot guarantee its accuracy and accept no liability for any errors or omissions. Interested parties should conduct their own enquiries and obtain independent legal advice.

Cory Mayo Real Estate 
RLA 321975