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  • 238 May Street
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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.

Wendy Ferris Sales RepresentativePresented by:

Wendy Ferris

Sales Representative

624-8452

ronandwendyferris@shaw.ca

 

Age

50+ yrs

Total number of Apartments

21

 

 

 

Types of Apartments

all the corner apts are 1 br units

middle apts are bachelor apts

 

Taxes

$25,000/yr approx.

 

Lot Size

51 ft x Irreg.

 

Heat Type

Hot Water Gas

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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