525 High St

Centrally located Multi Family 7-unit residential building! Gross income of $114,060 annually & possible VTB available. Amongst the 5 spacious 2-bedroom units, 1 bachelor unit, and a newly renovated 3-bedroom unit offering views of Lake Nipissing & the downtown core throughout the home you will find a blend of modern & original features of tall ceilings, crown molding, beautiful fireplace feature walls. Three of the 2-bedroom units are greatly under market rent. This property offers a variety of housing options to suit any tenant's needs. Each unit is equipped with its own hot water tank rental and tenants are responsible for paying their own hydro & tank rentals, ensuring a consistent stream of income for the discerning investor. This property also includes the added convenience of 10 parking spaces for tenants. Plus, with hot water heat throughout and an annually serviced boiler, this property is designed for maximum efficiency and ease of use. Recent upgrades include new fire escape to obtain occupancy permit for the fully 3 bedroom unit, a sewer line replacement in 2020; fire rated shutters for windows, chimney repaired, fencing, some flooring, paint, lighting to 4 units and coin laundry. Situated on a sprawling 183x153 ft lot, this property boasts ample space for tenants to live comfortably, while also providing a wealth of potential for savvy investors to increase profits over time. The property projects an annual net income $68,951 includes 15% costs from management/vacancy/maintenance which provides a 7.45% CAP rate on your investment. (id:54626)