49 Quinton Avenue Saint John, New Brunswick E2M 5L7

$1,500,000

INVESTMENT ALERT!! Here is your chance to own a 10 Unit Apartment building in probably the most desirable area of Saint John West. This building is an ICON of the Westside and tucked away in a residential neighbourhood. With the City Transits New Flex System in place this is a great home for tenants without vehicles. There is currently a 4 bay garage (dirt floor), and 3 lots total adding to the investment. Current owners has an application into the City of SJ to build another 11 unit building on the property. We do believe that there is a very good chance this will be approved also increasing the value of the land and potential. There are some long term tenants and some newer ones. Building has a new Roof and Propane Furnace. The building consist of 8 One bedroom plus den units these can be used as a second smaller bedroom as well and 2 Three bedroom units on the Top Floor. Current Rent Roll is 1+Den units = $650,$1200,$1035,$790,$1035,$1200,$790,$1250 ( As you can tell there is room for increases). 3 Bedroom units = $1400,$2000 with a total Rent Roll currently at $136,200 / YEAR, plus $2200 in laundry income... If all units were at Market Rents Revenue could be $165,400. Operating Expenses are Property Tax $13,725, Insurance $5292, Electricity $3730, Garbage $3105, Snow Removal $1100, Water/Sewage $2877, Heat $13,773. Total Operating Expenses =$43,602 with a NET of $94,798. Showing will be starting on October 24 and offers will be considered as them come. (id:55272)

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Land

https://www.realtor.ca/real-estate/27570959/49-quinton-avenue-saint-john