Discover the allure of one of Coane Street's last standing original residences, strategically placed just a barefoot 200m stroll from the Merewether beachfront. This dual-level property, currently configured as three separate flats, is a rare gem brimming with untapped potential. Occupying an expansive 720.69sqm block-an exceptional rarity in this coveted locale-boasting a 15.24m frontage and a coveted north-facing backyard with access from Watkins Street, the possibilities are limitless. Maintain the current status quo and enjoy rental income potential approximate of $2,100 per week or elevate your returns by modernising the two ground floor units. Alternatively, embark on a transformative journey by renovating the entire structure into a magnificent beachside home. For those with grander visions, seize the opportunity to start anew: wipe the slate clean and utilise the sizable block to construct a brand-new home or multiple dwellings, pending approval from Newcastle City Council. Whether catching a wave, strolling the shoreline, enjoying your morning coffee at Blue Door, or dining at the Beach Hotel or Surfhouse, this address delivers a barefoot seaside lifestyle that's hard to beat. - Dual access from Watkins & Coane Street - Brick and tile residence on 720.69sqm north to rear block - Upper level has been updated featuring four robed bedrooms, modern bathroom, light-filled lounge and dining area, gas-fitted kitchen - Two x two bedroom units on ground floor featuring lounge, kitchen/dining, shower bathroom, both with scope to modernise - Lockup garaging for five cars and huge L-shaped backyard - Number 12 bus stops nearby for travel between Merewether and Maryland - 700m to The Junction shops, eateries and schools Outgoings: Council: *$5,296pa Water: *$2,386pa + usage * approximates only (We have obtained all information used in the preparation of this document from third party sources however, we cannot guarantee the accuracy or currency of this information. Prospective purchasers and their advisors are advised to carry out and rely their own enquiries and investigations in relation to the information in this document and the property it concerns.