Very well-maintained 7-unit apartment building generating a strong 7.14% cap rate with all units fully leased and tenants in good standing. Unit mix includes 1 two-bedroom, 1 three-bedroom, 2 one-bedrooms, and 3 bachelor apartments, each updated over time between tenancies. Ample on-site parking and a 3,000 sq. ft. insulated and heated detached garage/shop with plumbing, currently used by the owner but easily leasable for hobby use, storage, or small commercial tenantsestimated at ~$2,500/month plus expenses. The property fronts on two roads with access from both, sitting on an irregular 1.09-acre CH-zoned corner lot allowing for multiple future-use opportunities or additional income potential. Gross potential income including shop rental: $148,500/year, 2024 expenses approx. $21,900, net income $126,600. Conveniently located along Highway 3 between Tillsonburg and Delhi. (id:42568)
| Business Type | Residential |
| Business Sub Type | Apartments |
| MLS® Number | X12449811 |
| Property Type | Multi-family |
| Community Name | Rural Middleton |
| Features | Irregular Lot Size |
| Age | 51 To 99 Years |
| Heating Type | Other |
| Size Interior | 1 Acres |
| Type | Multi-family |
| Acreage | Yes |
| Sewer | Septic System |
| Size Depth | 206 Ft |
| Size Frontage | 324 Ft ,4 In |
| Size Irregular | 1.091 |
| Size Total | 1.091 Ac |
| Size Total Text | 1.091 Ac |
| Zoning Description | Ch |
https://www.realtor.ca/real-estate/28961826/285-highway-3-norfolk-rural-middleton
Contact us for more information
Cole Shelly
Salesperson
(519) 539-5646
Nick Lalli
Broker
(519) 539-5646
Kelly Williams
Salesperson
(519) 539-5646
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