Interest rates are coming down, and this cap-rate is going up! Fantastic investment opportunity in the heart of Preston. With new investment happening all around and a plan for future LRT nearby, this well maintained 7,412 sqft mixed-use building with quality, long term residential and commercial tenants is a true turn-key opportunity. With mortgage rates continually dropping, this investment currently operates at approx. 6.08% Cap Rate with a market-rate potential closer to 8.59%. With 4 residential units and 2 commercial, this building offers a good mix of income streams with fantastic upside potential. 2- two bedroom units and 2 - one bedroom units on the upper levels. One of the 1-bedroom units will be vacating end of September, allowing market rate for new rent bringing the potential cap rate to 6.66%! Main floor commercial with great street exposure and long term leases. Potential for additional storage income. Equipment is all owned, no rentals. Appliances included. Schedule a viewing today (id:62499)
| MLS® Number | 40767249 |
| Property Type | Other |
| Neigbourhood | Preston |
| Amenities Near By | Airport, Hospital, Public Transit, Schools |
| Communication Type | High Speed Internet |
| Community Features | High Traffic Area |
| Features | Visual Exposure, Paved Driveway |
| Basement Type | Full |
| Constructed Date | 1931 |
| Construction Material | Concrete Block, Concrete Walls |
| Exterior Finish | Brick, Concrete |
| Fire Protection | Alarm System |
| Foundation Type | Poured Concrete |
| Stories Total | 2 |
| Size Exterior | 7412.0000 |
| Size Interior | 7,412 Ft2 |
| Utility Water | Municipal Water |
| Access Type | Road Access, Highway Access |
| Acreage | No |
| Land Amenities | Airport, Hospital, Public Transit, Schools |
| Sewer | Municipal Sewage System |
| Size Frontage | 44 Ft |
| Size Total Text | Under 1/2 Acre |
| Zoning Description | C1rm2 |
| Electricity | Available |
| Natural Gas | Available |
| Telephone | Available |
https://www.realtor.ca/real-estate/28830451/660-king-street-e-cambridge
Contact us for more information
Luke Shantz
Broker
(519) 888-7110
www.remaxsolidgold.biz/
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