"Investment Property with room to grow"
243-245 Coleman Street
Development Level: Built
Basement: Yes, Full
Size: 2,774 sq. ft.
Lot Type: Irregular
50ft x 63ft
Has Suite: Yes
Year Built: 1920 "One built in 1920 one is older"
Taxes: $4,092.00 (2017)
MLS® #: 144021
Waterfront investment property with great growth potential. 2 duplexes on one lot downtown Belleville. 2 detached homes comprised of a total of 4-1 bedroom apartments. Central location downtown Belleville. Zoned comm. 3-5. Both have natural gas heat. One has a forced air furnace & the other a boiler system. Some updates include shingles, flooring & both front porches. New toilet and flooring in a bathroom in 245B. Good cap rate of 7.3% presently but with an Owner not looking for property management that number increases substantially. Fully occupied with new Tenant going into 245B at $900 all inclusive. 1-min walk to downtown, close to shopping, restaurants & the waterfront trail. City transit right at the front door. Landlord pays all utilities. Gross rents $39,794.40/year. Expenses $16,532 leaving a net income of $23,262.40 Cap rate of 7.3% at full asking price. 24-48 hours notice required for all showings. 3 of the 4 apartment available to be shown prior to offer.
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.
Brokered and Advertised by:
ReMax Quinte LTD
Information is deemed to be correct but not guaranteed.
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