The former Ambassador Hotel on the 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 $149,500 price tag.
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 hub for drugs and vandalism.
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In 2018, a drug-fuelled resident was jailed after stabbing his neighbour in a dispute over $27.
That same year, some of the apartments’ owners labelled the property as a dangerous place to live after they hired 24-hour security guards and installed security cameras in an attempt to snap out the crime and anti-social behaviour
However, Fosterfroling Real Estate director Adrian Foster said the building had overcome it’s previous “terrible reputation” to now become a much quieter and safer place.
“All the owners have got together and got an owners’ board, they oversee it – and so there’s people with skin in the game handling it now,” Mr Foster said.
![40 of 325 Nepean Highway, Frankston - for herald 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 on the ground floor of the complex.
Fosterfroling Real Estate director Adrian Foster says the owner has spent tens of thousands of dollars updating the home.
He said the apartment at 40/325 Nepean Highway had been recently renovated with a new kitchen installed, new carpet and a fresh paint job completed.
It offers access to communal laundry facilities and is just 250m to the beach.
“I’m thinking it could be the Melbourne bargain of the year, if it’s what you want,” Mr Foster said.
“It’d be hard to beat because it is very solid brick, and it’s got a suspended slab roof to it.”
Public records show the apartment last sold for just $92,000 in September 2025.
The apartment is about 650m to Frankston Central and 1.1km to Frankston train station.
Mr Foster said he believed the owner had intended to retain the residence as a long-term investment but had changed his mind and decided to sell post-renovation.
The building has a Section 173 overlay, meaning owners can’t make one of the units their principal place of residence – however they can stay there if they have a separate, permanent abode.
“It’s structurally solid as well, it’s not like you’re buying a lemon and you’re going to have to plough twice as much (money) into it,” Mr Foster added.
There’s one bathroom and plenty of parking nearby.
The ground-floor apartment could potentially be rented out for $270-$285 per week, he added.
Mr Foster has received plenty of calls about the abode including from investors with some buyers already making offers to purchase.
Other apartments within the former Ambassador, with two bedrooms, sold for between $196,000 and $238,000 in 2025. They were all listed with Mr Foster.
PropTrack records show Frankston’s median unit value is $550,000.
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