Property Description

JUST REDUCED $599,999

SELLER LOOKING FOR HIGEST AND BEST OFFER WITH CLOSING END OF DECEMBER.  OFFER PRESENTATION ON DECEMBER 6, 2024.  CONTACT TODAY TO GET MORE INFO!

Are you seeking an exceptional investment opportunity in the flourishing city of St. Catharines, Ontario? Look no further than this remarkable property that combines five residential units, an operational laundromat business, and immense potential for growth and profitability.

Property Highlights:

Situated in a prime downtown location, this property boasts two junior one-bedroom and three large one-bedroom units and is ready for the next astute investor or buyer. Additionally, the property features a laundromat on the main floor, which is currently in operation with an impressive array of eight washers and four double-stacked dryers.

The potential for further expansion is evident, with an opportunity to add a sixth unit in the basement, elevating the property’s income potential. The property’s exterior is freshly painted and boasts a newer roof, adding to its curb appeal and structural integrity. Moreover, four of the five units have been recently renovated with new floors, kitchens, washrooms, and paint, making them ready for immediate rental. The rear stairs have also been updated with wide, pressure-treated stairs, all completed with permits from St. Catharines.

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Key Features:

• Updated Systems: The property now includes a new radiant hot water heating system, which will ensure efficiency and comfort for future occupants.
• Future Redevelopment Potential: As a detached property situated on a main thoroughfare in the city, this gem holds tremendous future redevelopment possibilities. The plans for the redevelopment of surrounding properties further enhance its long-term value.
• Investment Benefits: Built with all necessary permits (Building, ESA, Fire Compliance), this property offers an excellent cash flow opportunity. Each unit’s upgraded heating system, including a multi-stage boiler system with Tekmar Controls and individual remote thermostats, guarantees tenant comfort and efficiency.
• Parking Convenience: This property provides parking space for six cars, offering convenience and value for laundromat tenants and potential customers.

Pricing and Investment Opportunity:

Projected cap rate of 11.07% cap rate, this property presents an irresistible opportunity for the right investor seeking a lucrative addition to their portfolio. The cap rate is calculated based on projected rents of $1,200 for the smallest one-bedroom units and $1,550 for the large one-bedroom units. The combination of residential units, an operational business, and the potential for future growth makes it an attractive buy in the burgeoning St. Catharines real estate market.

Conclusion:

This property is a beacon of opportunity for investors looking to capitalize on St. Catharines’ growth trajectory. Its mix of residential units, an established laundromat business, updated systems, and future redevelopment potential make it an enticing prospect for those seeking a profitable real estate venture.

Contact us now to explore this incredible investment opportunity and seize the potential for substantial returns in St. Catharines’ bustling real estate landscape!

Don’t miss out on this prime investment opportunity. Reach out today to schedule a viewing and secure your place in the thriving St. Catharines market.

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