Welcome to 255 Church Street! This solid 2-storey brick building is a prime investment opportunity situated in an up-and-coming neighourhood in the vibrant downtown St. Catharines community. The main floor and basement of this commercial gem are currently on a triple net lease with $24,000 annual base rent with a successful business, making it an attractive income-generating property from day one. The tenant pays CAM charges for commercial taxes, water, commercial insurance, commercial gas, and cleaning. The large basement adds to the property's potential, offering ample storage or expansion opportunities for a savvy investor. The second floor is zoned residential with 2 bedrooms, living room, a 4-piece bathroom, kitchen, and laundry currently being rented for an annual rental income of $14,928. The total rental income is $38,928 annual, ensuring full tenancy for the entire building. This unique setup provides flexibility for the current tenant or opens up possibilities for a variety of uses. With a solid tenant base, a charming facade, and zoned M1, M3 with endless possibilities for the future, this building presents a fantastic investment opportunity in a neighbourhood on the rise! Updates: Current owner updated front facade, upper windows, interior/exterior paint, front door, interior/exterior lighting, 200amp 3-phase breaker panel, plumbing, and boiler in 2019. Phase 1 environmental has been completed and cleared. Commercial tenant has 1 year left on the lease term. Cap rate is 5.5%. (id:47423)
Interested in obtaining the full price history for this property? Contact us!Contact us! Our real estate professionals would be happy to provide a complete listing history with historical sold prices and dates.
Detailed Information
Lot
36 x 64 ft
Listing Contract Date
2024-06-17
Location Description
Located between Queenston Street and Niagara Street
Ownership Type
Freehold
Property Type
Office
Transaction Type
For sale
Zoning Description
M1, M3
Building
Basement Type
Full
Stories Total
2
Size (Exterior)
3750
Utility Water
Municipal water
Land
Total Size
under 1/2 acre
Sewer
Municipal sewage system
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