AN IMPRESIVE 10%+ CAP RATE INVESTMENT AND DEVELOPMENT OPPERTUNITY in the heart of Princeton! Generating approx. $12,000/month from 9 units, this property delivers strong cash flow with a significant upside. An additional approx. 3000 sq ft of unused space on the second floor provides further income potential. Extensive upgrades include new plumbing throughout, updated electrical with 7 individual meters, plus new flooring and paint in most units. Many suites have kitchen and bathroom upgrades as well.The development upside is a huge bonus, initial conceptual drawings have been complete and initial discussions with town have been conducted with huge support. Princeton is a pro development community experiencing major growth, with new builds up to 6 storeys. There is a sever housing shortage and the vacancy rate is below 1%, Princeton is quickly becoming a market for developers and investors. Strong income and incredible future value. (id:4069)
Address
117 Vermillion Avenue
List Price
$1,049,000
Property Type
Multi-family
Type of Dwelling
Multi-Family
Transaction Type
Sale
Area
British Columbia
Sub-Area
Princeton
Floor Area
8,000 Sq. Ft.
Lot Size
0.25 Ac.
Year Built
1929
MLS® Number
10400499
Listing Brokerage
Luxmore Realty
Basement Area
Crawl space
Postal Code
V0X1W0
Ownership
Freehold
Site Influences
Park, Shopping
Features
Two Balconies
Community Features
Pets Allowed With Restrictions
Appliances
Oven - Electric, Oven, Hood Fan, Washer & Dryer
Heat Source
Electric
Heat Type
Baseboard heaters
Number Of Floors In Building
2
Water Source
Municipal water
Access To Property
Easy access
Sewer
Municipal sewage system
