Welcome to 255 Main St, an entirely renovated 6-unit building comprising five residential spaces and a versatile commercial unit. Situated in the heart of the downtown core, this property enjoys a prime location, ensuring easy access to city amenities, making it an attractive choice for residents and businesses alike. The potential for significant cash flow growth is evident, as most units are currently rented below market rates, with no recent rent increases. Presently delivering a net income of $60,571 and a 6% cap rate, this property has undergone major updates, including complete unit restoration, a new boiler (2022), and a membrane roof (2016). As a result, the new owner can confidently anticipate minimal capital expenditures in the coming years. Unit #4 is becoming vacant November 1st, rent can be increased to $1600-1700. (id:24093)

"Based on information submitted to CREA as of November 30, 2023 . All data is obtained from various sources and has not been, and will not be, verified by broker or CREA. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing."

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Property Details of 251 Main Street East

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Utilities and Appliances

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Map Location

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