272-274 Tower Street

Here's an opportunity to get into multifamily real estate with five occupied units, off street parking, separate coin operated laundry, and an additional vacant lot included in the sale. Located on Saint John's West Side, this property is priced at $529,900, working out to just over $100K per unit, while the combined parcels offer an impressive 9,988.91 sq ft of land. The building features three 2 bedroom units and two 1 bedroom units, with all five currently occupied and generating a combined $5,725.75 in monthly rental income, or approximately $68,709 annually. Current rents range from $925 to $1400 per month, offering an investor an established income stream from day one. For the seasoned investor, this is a straightforward addition to a portfolio. For the first time investor, it offers a manageable way to step into multifamily ownership with multiple income streams under one roof. And then there's the land. The neighbouring vacant lot is included, giving the next owner nearly 10,000 sq ft across the combined property and opening the door to future possibilities, subject to the necessary approvals. Five units. Five income streams. Nearly 10,000 sq ft of land. One compelling opportunity to build your investment portfolio. (id:67197)

Price

$529,900

Property Type

Multi-family

Transaction Type

For sale

MLS® Number

NB146431

Interior Size

3600 sqft

Ownership Type

Freehold

Exterior Finish

Aluminum siding, Vinyl

Fireplace

No

Foundation

Concrete

Heating Fuel

Oil

Interior Size

3600 sqft

Stories

2

Water

Municipal water

Size Total

9988.91 sqft

Acreage

No

Sewer

Municipal sewage system

• None

Ownership Type

Freehold