The former Ambassador Hotel on Nepean Highway, Frankston, where the apartment is located.
A Frankston apartment in a complex once dubbed Australia’s most dangerous address is on the market with a price tag of $149,500.
The one-bedroom studio-style home is located in the former Ambassador Hotel, which served as a wedding venue until the 1990s.
It was later converted into short-stay accommodation and became known as a center for drugs and vandalism.
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In 2018, a drug-fueled resident was jailed after stabbing his neighbor in a dispute over $27.
That same year, some apartment owners labeled the building a dangerous place to live hired 24-hour security guards and installed security cameras in an attempt to eradicate crime and anti-social behaviour
However, Fosterfroling Real Estate director Adrian Foster said the building had overcome its previous ‘terrible reputation’ and had now become a much quieter and safer place.
“All the owners have come together and have an owners board, they oversee it – and so there are now people with skin in the game dealing with it,” Mr Foster said.
![40 of 325 Nepean Highway, Frankston - for announcing Sun Real Estate](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
The apartment is located on the ground floor of the complex.
Fosterfroling Real Estate director Adrian Foster says the owner has spent tens of thousands of dollars modernizing the home.
He said the apartment at 40/325 Nepean Highway had recently been renovated, with a new kitchen installed, new carpet and a new paint job completed.
It offers access to communal laundry facilities and is just 250 meters from the beach.
“I think this could be the bargain of the year in Melbourne, if you want it to be,” Foster said.
“It would be hard to beat because it is made of very sturdy brick and has a hanging slab roof on it.”
Public records show the condo last sold in September 2025 for just $92,000.
The apartment is approximately 650 meters from Frankston Central and 1.1 km from Frankston Train Station.
Mr Foster said he believed the owner had intended to keep the property as a long-term investment but had changed his mind and decided to sell after the renovation.
The building has a Section 173 overlay, which means owners cannot make one of the units their primary residence, but they can remain there if they have a separate, permanent residence.
“It’s also structurally sound. It’s not like you buy a lemon and have to put twice as much (money) into it,” Mr Foster added.
There is one bathroom and plenty of parking nearby.
The ground-floor apartment could potentially be rented for $270-$285 per week, he added.
Mr Foster has received many calls about the property, including from investors, with some buyers already making offers to purchase.
Other two-bedroom apartments in the former Ambassador sold in 2025 for between $196,000 and $238,000. They were all for sale to Mr. Foster.
PropTrack data shows Frankston’s median unit value is $550,000.
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