$2,160,000

This 3-bedroom, 2-bathroom apartment at 601/280 Bulwara Road, Ultimo, is priced at $2,160,000, significantly higher than the average and median prices of the provided comparable properties, which are predominantly 1 or 2-bedroom units. The property's larger size (3 beds, 2 baths, 2 parking) positions it at the premium end of the Ultimo apartment market. Compared to the highest priced 2-bedroom comparable at $1,600,000 (with an estimated rent of $950/wk), this property offers an additional bedroom and parking, justifying a higher rental income. Based on the comparable 2-bedroom units renting between $820-$950/week, a 3-bedroom apartment of this calibre, especially with two parking spaces in Ultimo, would command a substantial premium. I estimate the weekly rental income to be around $1,400. This estimate is derived by extrapolating from the top-tier 2-bedroom rentals (e.g., $950/wk for a $1.6M unit) and adding a premium for the extra bedroom, additional bathroom, and the second parking space, which are highly valued in inner-city Sydney. The estimated gross annual rental yield would therefore be approximately 3.36% ($1,400 x 52 / $2,160,000). This yield is competitive for a premium Sydney CBD fringe apartment. The Undervalued Score is low (40) because the asking price is at the very top end for Ultimo apartments, suggesting it's priced at or above current market value for its specific offering, rather than being undervalued. The Rental Yield Score (55) is moderate, reflecting a typical yield for high-value Sydney properties, which often prioritise capital growth over immediate high yields. The Flip Potential Score (60) is moderate; while the property is likely modern, its premium price point means significant renovation upside might be limited unless there are specific, high-impact cosmetic upgrades possible. The primary investment strength lies in its premium size and location, appealing to a niche rental market (e.g., families or high-income professionals) seeking space and convenience in Ultimo. A potential risk is the high entry price, which could limit capital growth in a slower market, and the yield, while reasonable for Sydney, isn't exceptionally strong. My estimates for rental income and yield have a moderate to high confidence level, as they are based on logical extrapolation from provided comparable data and general market knowledge for premium Sydney apartments. However, the limited number of 3-bedroom comparables in the provided data introduces some uncertainty. An actionable recommendation would be to conduct a thorough due diligence on recent 3-bedroom apartment sales in Ultimo to confirm the market value and rental demand for this specific property type.