117 Vermillion Avenue

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:67197)

Price

$1,049,000

Property Type

Multi-family

Transaction Type

For sale

MLS® Number

10400499

Interior Size

8000 sqft

Year Built

1929

Ownership Type

Freehold

Building Type

Multi-Family

Basement

Crawl space

Exterior Finish

Other

Fireplace

No

Heating Fuel

Electric

Heating

Baseboard heaters

Interior Size

8000 sqft

Stories

2

Water

Municipal water

Year Built

1929

Size Total

0.25 ac|under 1 acre

Acreage

No

Sewer

Municipal sewage system

Amenities Nearby

Park, Shopping

• Two Balconies
• Park
• Shopping

Ownership Type

Freehold