$1,550,000

This 2-bedroom, 2-bathroom apartment at 187 Kent Street, Sydney, is listed at $1,550,000. Compared to the provided comparables, its price sits above the median ($1,350,000) but below the average ($2,155,333) for all comparable apartments in Sydney. Crucially, when focusing on 2-bedroom, 2-bathroom apartments, several comparables with similar specs (e.g., Comp 12 at $1,395,000 with 1 car, Comp 13 at $930,000 with 0 car, Comp 14 at $1,350,000 with 1 car) suggest the asking price is somewhat competitive, especially considering the lack of parking for the subject property. However, Comp 3 ($3,000,000) and Comp 8 ($2,300,000) offer similar bedrooms/bathrooms but include parking, indicating a premium for that feature. Given the property's price point and the general high value of Sydney CBD apartments, it doesn't appear significantly undervalued, hence a moderate Undervalued Score. The 'No New Listing' status and 'No Auction' suggest it might have been on the market for a period, potentially allowing for negotiation. The lack of parking is a notable factor that could impact both sale price and rental appeal, though less so in a prime CBD location with excellent public transport. For rental estimation, we consider comparable 2-bedroom, 2-bathroom apartments: Comp 12 (2bed, 2bath, 1car) rents for $1050/wk, Comp 13 (2bed, 2bath, 0car) rents for $850/wk, and Comp 14 (2bed, 2bath, 1car) rents for $1050/wk. Other 2-bed comps with parking rent significantly higher (e.g., $1450-$1750/wk). Given the subject property has no parking, it aligns more closely with Comp 13, but its higher price point suggests a potentially better quality or location within the building. Therefore, an estimated weekly rent of $1150 is reasonable, positioning it above the lower-end 2-beds without parking but below those with parking. This estimate carries a moderate confidence level due to the variability in 2-bed apartment rentals and the lack of specific condition details for the subject property. This yields an estimated gross annual rental yield of 3.86% ($1150 * 52 / $1,550,000 * 100), which is respectable for the Sydney CBD market, reflected in a strong Rental Yield Score. Flip potential is moderate; while the property type and location are desirable, the high entry price point means significant capital improvements would need to be very strategic to ensure a profitable resale. The core investment strength lies in its prime Sydney CBD location, ensuring consistent rental demand and long-term capital growth potential. The main risk is the high entry price and the absence of parking, which could limit its appeal to some buyers/renters. The recommendation is to investigate the property's internal condition and building amenities thoroughly. If it's in good original condition, there might be scope for cosmetic renovations to enhance rental appeal and future resale value. Due diligence on strata fees and building management is also crucial.