243-245 Coleman Street
- Investment Property with room to grow
- Type: Multifamily
- Style: 2 Storey
- Bedrooms: 4
- Bathrooms: 2
- Size: 2,774 sq. ft.
- Development Level: Built
- Lot Type: Irregular
- Lot Size: 50ft x 63ft
- Suite: Yes
- Year Built: 1920 "One built in 1920 one is older"
- Taxes: $4,092.00 (2017)
- MLS ® #: 115104
Waterfront investment property with lots of room for growth. Two duplexes on in town waterfront lot. 2 detached homes comprised of a total of 4-1 bedroom apartments. Central location downtown Belleville. Zoned C 3-5. Both have natural gas heat. One home has a forced air furnace and the other a natural gas boiler system. Some updates including shingles, flooring & front porches. Both main floor units have recently been updated including a new bath in 245A and new toilet and floor recently put in the bathroom in 245B. This investment property has great potential for growth and to build equity. With under market rental rates, a property management expense that could be canceled to shrink expenses further and this building's cap easily improves to over 7%. The Seller is also offering the Buyer a $10,000 renovation allowance on closing to take care of any work the Buyer wants to do. Fully occupied, low turnover. 1-minute walk to downtown Belleville, shopping and waterfront trail. City transit right at the front door. Landlord pays all utilities. Income from rents equals $3173.90. per month. $38086.80 per year. Current expenses equal $16536.22 a year with an annual net operating income of $21550.58. The Seller may also consider a small Vendor take back mortgage if required. 24 hours notice required for all showings.
DIRECTIONS: Bridge Street West to Coleman Street. Turn North on Coleman and houses are on East side just before Catherine Street. #243 and #245. No sign on the property. Parking available in the parking lot to North of property.
Information is deemed to be correct but not guaranteed.
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