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$899,900
Est. payment /mo
6 Baths
UPDATED:
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Subdivision Bancroft Ward
MLS Listing ID X13081942
Annual Tax Amount $5,711
Tax Year 2025
Property Sub-Type Investment
Property Description
Fully Tenanted 5-Plex In The Core Of Bancroft Offering Stable, Income-Focused Value With Immediate Cash Flow And Built-In Upside. The Property Supports A Cap Rate In The 8% Range Based On Current In-Place Income. The Building Contains Five Self-Contained Residential Units With A Functional Unit Mix And Has Operated As A Rental Property For Many Years. Originally Constructed As An OPP Station And Later Converted To Residential Use, The Building Benefits From Solid, Institutional-Style Construction. Heating Is Provided By An Oil-Fired Hot Water Boiler With Baseboard Distribution, And A Shared Coin-Operated Laundry Area Provides Additional Income. All Units Are Currently Rented Inclusive Of Utilities, With Individual Hydro Meters Already In Place, Allowing A Future Owner To Transition Tenancies To Plus Hydro And Improve Net Income Over Time. A 2.5% Rent Increase Permitted Under Ontario Legislation Has Not Yet Been Applied, Providing Additional NOI Growth Without Capital Expenditure. Situated On An Oversized, Irregular Lot With Frontage On Flint Avenue, The Property Is Serviced By Municipal Water And Sewer And Includes On-Site Parking. A Straightforward, Stabilized Multi-Residential Asset Offering Immediate Income, And Additional Value Driven Through Operational Improvements.
Location
Province ON
County Hastings
Area Hastings
Zoning CF
Interior
Cooling No
Inclusions Property includes coin-operated washer and dryer, owned hot water tank, and security cameras with monitors.
Exterior
Parking Features None
Utilities Available Yes
Building
Lot Description Building
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Lited by LPT Realty
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