Investment property with property with 24 fully occupied apartment units in the beautiful community of Picton Ontario, Prince Edward County. Comprised of 1 x one bedroom, 11 x two bedrooms, and 12 x three bedrooms apartment units. Efficient building with an Elevator. ERV's and Hot Water Tanks in each unit, 24 hydro meters, 30 parking spots plus 2 disabled parking spots and 40-year fiberglass shingles.
Fridge, stove & dishwashers in every apartment unit included. Laundry facilities equipped with Income generating machines on each floor. 100% tenanted!
Great management team in place!
Located a short distance from grocery stores, shopping, the Prince Edward County Memorial Hospital & the famous Sandbanks Provincial Park.
Tenants pay their own in-unit hydro costs.
OWN THIS BRAND NEW ASSET TODAY!!
Price: $5,000,000
3 Spring St., Picton , ON
Lot Size: 100 FT X 349 FT
Taxes: $50,000 approx.
Zoning: RESIDENTIAL - Residential
Urban Residential Type 3 (R3-52)
Property Evaluation Annual Total
Estimated Revenues & Expenses
Rental Income $394,740.00
Laundry $9,600.00
Estimated Gross Revenues $404,340.00
Estimated Operating Expenses
Realty Taxes (2020 Estimate) $50,000.00
Insurance $10,500.00
Water & Sewer $21,600.00
Management $15,000.00
Hydro $6,000.00
Other $28,071.00 (snow, garbage, elevator, security, cleaning, live in super, ect.)
Total Operating Expenses $131,171.00
Estimated Net Operating Income
$273,169.00
Estimated CAP Rate: 5.46%
Parking: 32 Incl. Plus Visitors & Disabled
Heating: Baseboard Electric (Tenants pay in unit hydro)
Chattels: 24 Fridges, 24 Stoves, 24 Hood fans, 24 Dishwashers, 24 ERV’s, 25 Hot Water Tanks
ML#: 1180061