But before you rush off, it does come with a catch. The apartment complex was caught up in the leaky homes debacle that swept New Zealand and now needs major remedial work.
That means the true cost of the purchase was more likely to be above $300,000 because a future owner would also need to pay their share in the remedial works, estimated at $250,000 to $270,000, according to agent Ray White's advertisement.
The one-bedroom apartment featured a modern kitchen and bathroom, study, open plan lounge and unobscured sea views from its "huge" 13th-floor balcony north to Devonport and Rangitoto beyond.
Located in the Scene 1 Building at 2 Beach Rd, it was just a short stroll from Wynyard Quarter and Britomart in one direction and the Spark Arena in the other.
Auckland Council currently values the apartment at $550,000. It also previously sold in 2002 for $311,200, according to property website OneRoof.
However, the Scene 1 building was another to be plagued with water-tightness issues.
Agents City Sales sold the apartment and managing director Martin Dunn said at the time the building owners were embroiled in a legal case.
The building needed repairs but owners were unable to get clarity on the extent of the remediation work, he said.
The apartment was also a leasehold and came with annual rates and other charges of about $18,000.
However, it could command rents of about $600 per week.
Dunn said the former Australian owner had become so fatigued with the leaky building saga, he wanted to get rid of the apartment, saying "just dump it".
The new buyer already owned an apartment in the building and so "weighed the risk pretty knowledgeably" of buying another.
Another building with cheap apartments is the Unilodge building at 133 Beach Rd.
An apartment at 46 Te Taou Crescent in inner Auckland sold for $36,000 in April. Photo / Google
Unilodge has a contract to provide student accommodation to Auckland University and the complex is home to about 346 students each year.
And apartments have been sold on leasehold in the building for $40,000 and under in the past year.
A Ray White advertisement for 512/133 Beach Rd - which sold for $35,000 on October 31 - said the one-bedroom leasehold apartment could be rented out for a whopping $420-$450 per week.
Another city centre apartment at 42/46 Te Taou Crescent also sold in April for just $36,000, according to the REI.
The Scene 1 apartment came with a "huge" balcony. Photo / Supplied
The leasehold apartment was part of the Grand Central Apartments, a block of units located in the former Auckland Railway Station.
The apartment contained a sink, but its tenant would need to use the complex's communal kitchen facilities.
It was also only put on sale after a body corporate group won permission to do so in a legal case at the High Court, according to its Barfoot & Thompson advertisement.
