22-26 Campbell Avenue, St. John's, Newfoundland & Labrador, A1E 2Z2

Property Information:

Fantastic multi-unit PLUS vacant lot bundle! This property package provides a multitude of opportunity for the astute investor with positive net operating income exactly as is. Building with 3 residential units, 1 workshop with 1/2 bathroom with access to basement storage warehouse, a parking pad, PLUS a vacant lot ~55 x 110 ft. R2 zoning. Building with 4-meters, paying 3 water taxes (grandfathered with city). Once upon a time the building housed a grocery store. All units (aside from the 'bachelor unit'), are freshly painted and vacant. Exterior painted 2023. All electric heat, breaker panels. Commercial torch-on roof ~15 years old. Effective age of the building is estimated around 30 years. OPTIONS TO CONSIDER: OPTION 1: Rent as-is, perform maintenance as needed. Estimated rental income: $80,700/y, Estimated operating expenses (mortgage cost not included): $37,484/y. Estimated net operating income $43,216/y. (Rental estimates per unit available). OPTION 2: Renovate the property to add residential units (the lot would likely be required to be used for parking), or build multi-unit building on the lot. PROPERTY BREAKDOWN: (26) 2-Storey House w/3 beds + 1.5 baths + office + laundry. (24) Loft w/2 beds + 1 bath + office + laundry. (22a) Bachelor-unit w/1 bed, 1 bath. (22) Workshop w/1 half bath with ~2,000sqft basement storage - all on one meter. Perfectly located within walking distance to the downtown core and centre city, St. Clare's Hospital, many nearby amenities, and on bus routes. Plus, the added benefit of area gentrification - new housing development and many renovated homes in the area, and plenty of attractive commercial development on LeMarchant Road. All signs that is an opportune moment to buy in the right location for your next investment property. Don't delay, this is one to hop on. (id:27)