C$499,900

Located next to the College of the North Atlantic and Confederation Building, this east end 5-unit apartment complex offers a great opportunity for an investor looking to add value to an income-producing property. The building consists of five self-contained units, each with its own breaker panel. The property is currently partially occupied with the following monthly rents: Unit A: $1,325/month Unit B: Vacant Unit C: Vacant Unit D: $1,000/month Unit E: $1,000/month Current rental income from the three occupied units is $3,325/month or $39,900 annually, with two vacant units providing an opportunity for the new owner to complete the required work and establish new rents. The property has been a long-term rental property and does require work and updating. This has been taken into consideration and provides a good opportunity for an investor who is willing to put some work into the property and improve both its overall value and income potential. The site is larger than average for the neighbourhood with a large driveway off Whiteford Place providing plenty of off-street parking, along with a second single-wide driveway off Portugal Cove Road. The property is fully landscaped with several mature trees and is set back nicely from Portugal Cove Road. A new roof was installed in June 2022. With five units, two currently vacant, a great east end location close to CNA, Confederation Building, shopping, transit and other amenities, this property has plenty of potential for the right investor. As per the sellers directive there will be no conveyance of offers until August 29tth at 7PM and all offers are to be left open until August 29tth at 11PM. (id:41202)