It could well be the cheapest penthouse in Sydney.

The three-bedroom, two-bathroom home with two car parking spaces and east and north facing terraces has just been listed through Monica Shor of Ray White Unlimited Bondi Beach with a guide price of $2.5 million plus.

It's an amazing and unique luxury penthouse," says Ms Shor of the home at 19/64 Penkivil Street, Bondi.

And the views are just one of the lures that attract potential buyers.

"The views - they're incredible - the clear blue sea views from all the rooms - it's mesmerising," she says.

"Having a whole floor of privacy is another great benefit, as well as level access."

The home is within easy reach of both Bondi Beach and Bondi Junction and is affordable, giving out-of-town buyers access to the highly sought-after Bondi market.

"We're getting all types of buyers, including downsizers and people moving in from other areas," Ms Shor said.

"It represents amazing value and if you put this property in a different location, such as Bellevue Hill, it would be about $3.5 million upwards and a new development in Rose Bay would be about $4.5 million upwards in size and offer.

"Double Bay is another $4.5 million + Given the proximity to so many amenities, this really is a very affordable price point.

"If this was closer to the beach we would be looking at the $4.5m-$5m level.

"It's very rare to see this type of product at such an attractive price point with so many properties. It ticks all the boxes."

Not surprisingly, investors are also eyeing this home in a market that is lacking in listings.

"The house has a lot of appeal and offers a good return on capital growth, even as an investment as it currently generates rental income," says Ms Shor.

According to PropTrack, the median price for a three-bedroom unit in Bondi is $1.72 million.

The home last changed hands in 2008 for $1.45 million. It is scheduled to go to auction on May 31.

"As you enter this impressive duplex, you will find it in a prime location at the top of a stylish building, just steps from the Bondi Road shopping village and minutes from the beach," the listing reads.

"Enjoy stunning sunrises, sunsets and spacious indoor-outdoor living with 2 terraces, no communal walls and secure two car parking.