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238 May Street South - $699,900
20-21-unit apartment building on main artery - with a
little more work this can be an exceptional investment opportunity! This
20-unit apartment building, ideally situated on a main artery, is a rare
opportunity for investors seeking a property with great income
potential. The building features high ceilings throughout, wide
hallways, hardwood flooring, some original woodwork, adding character
and spaciousness to every unit. Comprised of 14 one-bedroom and 7
bachelor units, the property is equipped with separate hydro meters,
offering convenience for tenants and ease of management for owners, the
boiler (steam heat) has been replaced within the last 5 years, ensuring
efficient heating and reduced maintenance costs. Recent fire &
electrical inspections have been completed. With its prime location and
solid infrastructure, this building is perfect for long-term rental
income in a high-demand area. The current owner has evicted the problem
tenants and painted the halls and cleaned it up - but a new owner would
have to invest in this building and make it shine once more.
Currently there are only 5 units rented - not on any leases - which
makes it easy for renovations to start! A stone's throw away from
City Hall and the new Courthouse. Don't miss out on this multi unit
building - contact today for more details.
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Age
50+ yrs |
Total number of
Apartments 21
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Types of Apartments
all the corner apts are 1 br units
middle apts are bachelor apts
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Taxes $25,000/yr
approx.
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Lot Size
51 ft x Irreg.
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Heat Type
Hot Water Gas
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Area McKellar
Park - block down from city hall |
Updates & Extras
boiler approx. 5 yrs old, fire department has passed recent
inspection 6 months ago, electrical has been inspected a year ago -
separate meters for all apartments |
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