Just 400m from the shores of beautiful Lake Macquarie and the buzz of Warners Bay's waterside dining and shopping, this original lakeside residence is positioned on a level quarter acre block. Currently configured as three 2-bedroom flats, it presents as a solid investment returning a combined $39,260 per annum when fully leased, and all separately metred for power and water. The true value however is in the land. The 1,012sqm parcel with frontage of 20.115m is primed for development. Realise your dreams to build a luxury new home or take advantage of the R2 Low Density Residential zoning and build multiple residences, subject to council approval. This highly convenient location is just 170m from Biddabah Public School and 1300m from Warners Bay High. Warners Bay Private Hospital is an easy stroll away and there is bus-at-door convenience to Glendale, east Lake Macquarie and Wallsend. - Single level clad home on 1,012sqm with approx. dimensions of 20.115m x 48.8m - Each flat features two bedrooms and original kitchen and bathroom spaces - Unit 1 returning $245 per week currently vacant, Unit 2 $250pw and Unit 3 $260pw - Total of $755 per week, all separately metred for power and water - Handy location strolling distance to schools, transport and everyday essentials - Entry level opportunity to live by Lake Macquarie