Income property - For Sale - Belleville, 749 000,00 $CAD

Multifamily Dwellings for Sale in West End, Belleville, Ontario $749,000

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Ad number : AA0001777193

Property address

170 College Street West
Belleville, ON
Canada
K8P 2G8

contact

• Name : Jason Wood
• Company : ReMax Quinte LTD
• Phone 1 : (613) 392-6594 (Work)
• Phone 2 : (613) 885-2848 (Cell)
• Phone 3 : (613) 394-3394 (Fax)
• Send message
• Website : via point2.com

Category

For Sale - Income property

Description

Legal 5-plex in a great central location in Belleville. This brick 2951 sq ft. 2 story is on a main bus route and close to schools, shopping & the 401. A well-maintained property comprised of a large 2- bedroom & four 1-bedroom apartments. The property has some great features & updates, including 5 owned HWTs. Two (2) high-efficiency natural gas furnaces (2021). Metal roof (2020). All units are separately metered for hydro & water. Paved parking for 6-7 vehicles, one with recycled asphalt (2017) . Most windows & Exterior doors are newer. Four of the five apartments have been updated with laminate & vinyl flooring, LED lighting & plumbing fixtures. The upstairs apartment was renovated in 2023.Keyless entry on three apartments. The tub surrounds have been replaced in two units. Fire-rated furnace room with sprinklers for fire compliance. Some newer appliances. Three of the four ground-floor apartments have large, partially fenced private yards. Most are long-term tenants who all pay for their own water & hydro. Landlord pays for gas heat. 5 Glendale & basement (utility area) available for viewings prior to receiving an accepted offer. It is a great income property with a 5.6% cap rate at the asking price and substantial room for growth.Electric baseboards are not used. Current rents still have real growth potential.For 2024 FinancialsINCOME\t\rRental Income:                       $62247.00 a yearEXPENSESTaxes:                                      $5,165.00\tHeat:                                       $2,329.00\t\t\rHydro:                                     $700.00Insurance:                             $2,957.00\tProperty Management  $6712.00Maintenance:                      $1,500.00\tSnow & Grass                      $600.00 TOTAL EXPENSES             $19963.00NOI:                                            $42284.00Inclusions:\t5 Refrigerators, 5 Stoves, 5 Hot water tanks, Smoke and CO detectors, 2 built-in AC units, and most blinds and window coverings.\t\rExclusions:\tAll Tenant's Belongings and some items in the basement\t\rRental Items:\tNone

Brokered And Advertised By: ReMax Quinte LTD
Listing Agent: Jason Wood

Basic characteristics

• Construction year : 1971
• Livable space size : N/D
• Lot surface : N/D
• Type of heating : N/D
• Exterior siding : N/D
• Water source : N/D
• Type of sewage : N/D
• Possible moving date : N/D
• Recovery : no

Financial information

• Municipal taxes : N/A
• School taxes : N/A
• Co-ownership fees : N/A
• Building's municipal evaluation : N/A
• Building's professional evaluationt : N/A
• Ground's municipal evaluation : N/A
• Ground's professional evaluation : N/A
• Year of municipal evaluation : N/D
• Year of professionnal evaluation : N/D

Description of rooms

• Number of floors : N/D
• Number of rooms : N/D
• Number of bedrooms : 6
• Number of bathrooms/powder rooms : 5