Description

RARE opportunity to purchase 12 units in on the main strip in Parkhill, a main route to Grand Bend. With a net income of just under of $110,000 per year before accounting for coin operated laundry. This property is a TRUE 6 cap rate and factors in 4% for management, vacancy, and maintenance. Rarely a vacancy on the commercial units, and currently the corner commercial anchor tenant just renewed for a 5 year term after having been there for over almost 2 decades, another commercial tenant just renewed a 3 year and had been there currently for 3 years. One other just signed a one year lease and the last is coming up for renewal in the new year. Residential units rarely turnover but when they do have been brought up to market rents. Four residential units are still about 60% of market and they offer upside to a new buyer who plans to move into one or potentially two units and combine them as a one unit to live in. Recent appraisal has been done which adds savings to a new buyer as it can be transfered upon an acceptable offer. Many updates over the years; facade painted 2020, common hallways 2021, re pointing over the last two years, 3 of the 4 roofs done in 2019 and 2021 and include a 25 year warranty. This property is a cashcow and generates over $140,000 a year. Property is also 3 seperate parcels that had amalgamated over the years but was purchased as two seperate parcels and could be sold the same way and with some legal work potentially as 3 seperate parcels. This offers flexibility to a buyer that wants personal use of the below market units. Dont miss out on a very rare opportunity to purchase a well run building with a consistently improving rent roll with some major capitalizations done. Lastly the anchor tenant is very helpful with showings/being on site eyes and ears, and has been in the building for years. (id:11644)

Listing Contracted With: No Record