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$1,424,900
Available - For Sale
Listing ID: S12246051
Large 14-unit mixed-use building featuring 12 residential units and 2 commercial spaces, both leased to a well-established local business that has operated from the property for nearly 5 years. With a 57% gap to market rents, this asset offers substantial income growth potential at a 5.8% cap rate and just $100,000 per unit. Take advantage of flexible financing with a potential first-position VTB available up to 70% ideal for investors looking to maximize leverage. The building is in solid condition with a 15-year-old metal roof in excellent shape. Recent capital upgrades include spray foam insulation and new windows along the rear and east-facing walls, along with structural reinforcement. One residential unit is fully gutted and ready for finishing, offering an easy value-add opportunity. Most tenants pay their own hydro; units are heated with electric baseboards, and the common areas are serviced by a central furnace. All hot water tanks have been replaced in recent years, reducing near-term capital needs. This property is part of a broader portfolio comprising 22 additional residential and commercial units, all located on the same block, perfect for investors seeking scale, efficiency, and upside in a growing small-town setting.
Price $1,424,900
Taxes: $8,440
Tax Type: Annual
Assessment Year: 2024
Occupancy by: Tenant
Address: 28 Coldwater Road West , Severn, L0K 1E0, Simcoe
Postal Code: L0K 1E0
Province/State: Simcoe
Legal Description: LT 5 W/S COLDWATER RD PL 61 COLDWATER; P
Directions/Cross Streets: Sturgeion Bay Rd / Coldwater Rd and Mill St
No. of Pieces Level
Washroom 1:  0
Washroom 2:  0
Washroom 3:  0
Washroom 4:  0
Washroom 5:  0
Washroom 6:  0
Washroom 7:  0
Washroom 8:  0
Washroom 9:  0
Washroom 10:  0
Category: Apartment
Building Percentage: T
Total Area: 6,000
Total Area Code:  Square Feet
Maintenance: 0
Heat Type: Baseboard
Central Air Conditioning: Partial
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EXP REALTY

28 Coldwater Road West , Severn, L0K 1E0, Simcoe


 
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Type: Com - Investment
Area: Simcoe
Municipality: Severn
Neighbourhood: Coldwater
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Tax: $8,440
Maintenance Fee: $0
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