2405/80 Milligan Street, Perth
Income from
the day you settle.
One bedroom, one bathroom, one car bay on level 24, facing west. Leased furnished at $830 a week until 10 August 2027, with the furniture included in the sale.
From $625,000
Off market with my network to the end of 27 October. Inspections by appointment.
The short version
A tenant, a car bay, and a city on the doorstep.
Most one bedroom apartments at 80 Milligan Street do not have a car bay. In the last twelve months, the only two that sold above $600,000 both did. This one also comes leased, furnished and photographed, so there is nothing to organise before the rent starts.
At $625,000
Walk through it
Forty five seconds inside 2405.
The apartment
What you are buying.
- A car bay. Thirteen square metres of it, on a title that totals 70 m². The apartment and balcony are the other 57 m².
- Leased in 16 days. The current lease started on 31 July 2026 at $830 a week, above the building's $750 median for one bedrooms.
- Furnished and ready. The furniture is included. It is what supports the rent today, and what makes a short stay option possible later.
- Level 24, facing west over RAC Arena towards Lake Monger. Nobody builds on a rail corridor or a lake, so that outlook stays.
The numbers
Two ways to hold it, side by side.
The lease is in place until August 2027. After that, the strata by-laws here allow short stay, so the same furniture can earn a different way. Cloudstays, a Northbridge short stay manager, prepared a market report on this apartment, and their projection sits beside the lease below.
| Long term lease | Short stay, Cloudstays projection | |
|---|---|---|
| Rent, or accommodation income52 weeks at $830 · 317 nights (87%) at $220 | $43,160 | $69,861 |
| Less feesLease: management fee · Short stay: Airbnb 15%, then Cloudstays 20% | $4,386 | $22,356 |
| Income after fees | $38,774 | $47,505 |
| Outgoings, the same either way | ||
| Council rates | $932 | $932 |
| Water rates | $776 | $776 |
| Strata levies$984.17 a quarter | $3,937 | $3,937 |
| Income after outgoings | $33,130 | $41,861 |
| Gross yield, before fees | 6.9% | 11.2% |
| Net yield, after fees and outgoings | 5.3% | 6.7% |
| Short stay case | Income a year | After fees | Against the lease |
|---|---|---|---|
| Low end of comparable listings | $55,300 | $37,604 | $1,170 less |
| Average comparable listing | $62,200 | $42,296 | $3,522 more |
| Cloudstays projection for 2405 | $69,861 | $47,505 | $8,731 more |
My honest read. The lease gives you certainty. Short stay gives you upside: about $8,700 a year more on Cloudstays' projection, about $3,500 more in an average year, and roughly level with the lease in a conservative one. All of that is before the power and internet a short stay owner pays, and none of it starts until August 2027.
Long term figures use the current management fee, which includes quarterly inspections, and leave out landlord insurance. Short stay figures come from Cloudstays' market report of 3 September 2026, based on PriceLabs data for comparable Perth CBD one bedrooms: annual revenue of $55,300 to $69,500, averaging $62,200, at an average $202 a night (about $185 in July to $221 in December). The projection is Cloudstays' 87% occupancy at $220 a night. Their full report is available on request. These figures are estimates rather than a guarantee, and short stay use remains subject to City of Perth requirements and registration on the WA short-term rental accommodation register. Speak to your own financial adviser about your position.
The evidence
What the building tells us.
Eight one bedroom apartments sold here in the twelve months to September 2026. The two with a car bay are the only two that cleared $600,000.
| Apt | Sold | Size | Price |
|---|---|---|---|
| 1502 | May 2026 | 80 m² | $644,000 |
| 2608 | Feb 2026 | 71 m² | $616,000 |
| 2405 | Now | 70 m² | From $625,000 |
| Six sales without a car bay | $520k to $590k | ||
| Apt | Size | Days to lease | Rent |
|---|---|---|---|
| 1002 | 81 m² | 1 | $850 |
| 1603 | 60 m² | 41 | $840 |
| 2405 | 70 m² | 16 | $830 |
| 2905 | 71 m² | 15 | $800 |
| Building median, one bedroom | $750 | ||
All sizes are strata area, which includes the car bay for apartments that have one. Sales data from settled contracts, rental data from leased listings, both as at 10 September 2026. At $625,000, 2405 sits between the two car bay sales and returns 6.9% gross on a lease already in place, with the furniture included. If you read it differently, tell me what you think it is worth and why. That goes straight to the owner.
Location and building
Where tenants and guests both want to be.
80 Milligan Street sits on the western edge of the Perth CBD, next door to RAC Arena, with the city and Northbridge both on foot. ECU opened its city campus opposite Yagan Square in February 2026, a few minutes east along Wellington Street, which puts thousands of students and staff at this end of town.
- RAC Arena next door. Perth's largest indoor venue, and a steady source of short stay demand on event nights.
- ECU City, a short walk east. The $853 million campus opened in February 2026 with about 8,500 students and staff, on its way to 10,000. It also houses WAAPA, which stages about 300 performances a year.
- Trains and buses close by. Perth Station and the Wellington Street bus station are both within walking distance.
Level 7 amenities floor
How to buy
Off market first, portals after.
- Now to 27 Oct
Network preview
You see 2405 before the public. It stays off market to the end of 27 October. Offers run through Openn Negotiation, so you can qualify and bid with the conditions of a private sale, including finance.
- By appointment
Inspections
The apartment is tenanted, so inspections are by appointment, arranged with the notice the tenancy laws require. Call or message me and I will find a time that suits you.
- Before 28 Oct
Early offers
A good offer during the preview goes straight to the owner. If you are ready to move before the portals, call me.
- From 28 Oct
Online
The listing goes to realestate.com.au and reiwa.com. Anyone already bidding on Openn stays in the lead.
Sold with the tenant in place on a lease to 10 August 2027. The furniture is included, and the inventory, the lease, the strata report and Cloudstays' short stay report are all available on request.
2405/80 Milligan Street
Want the lease, the strata report or the numbers?
Ask and I will send them the same day. If you are working with a broker or a planner, I am happy to talk to them directly.