Discover an exceptional investment opportunity with this robust two-story commercial building, strategically located within walking distance of amenities and Lake Nipissing, additionally, it offers easy access to public transportation. This property combines a long-term commercial tenant on the main floor with three newly renovated, one-bedroom apartments on the upper floor, offering stable and impressive returns supporting a 7.44% cap rate .The commercial space of 2,192 square feet and is leased to an established, long-time tenant on a new 2-year lease, with multiple parking spots available in the side parking lot. The residential units consist of three newly updated one-bedroom apartments, each signed to a 1-year lease and fully occupied, with designated parking spots located at the rear of the building. Financially, this property generates a gross annual income of over $76,000, providing consistent rental income from the commercial lease and secure, year-long agreements ensuring steady cash flow from the residential leases. Don’t miss out on this chance to secure a lucrative addition to your investment portfolio. (id:47423)
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Detailed Information
Lot
80 x 100 ft
Amenities Nearby
Public Transit, Shopping
Community Features
High Traffic Area, School Bus
Equipment
Water Heater
Features
Laundry- Coin operated
Listing Contract Date
2024-08-27
Location Description
Main Street to overpass to Lakeshore Drive.
Ownership Type
Freehold
# of Parking Spaces
12
Property Type
Multi-family
Rental Equipment
Water Heater
Transaction Type
For sale
Zoning Description
C6L
Building
Basement Type
None
Construction Material
Concrete block, Concrete Walls
Cooling Type
None
Exterior Finish
Concrete, Stone
Stories Total
2
Type
Triplex
Utility Water
Municipal water
Land
Total Size
under 1/2 acre
Amenities
Public Transit, Shopping
Sewer
Municipal sewage system
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