140 Riverside Avenue, Stewiacke

Description

Turn-key, multi-family residential opportunity in booming Stewiacke. Super clean, 8-unit, 2-storey apartment in the heart of town. Over $140,000 in recent renos done. 6 of the 8 units had extensive work and the other 2 units had minor updates. Several new windows installed in 2022. All units currently paying their own utilities. 7 spacious 2-bedrooms and 1 cozy 1-bedroom. Walking distance to all amenities - groceries, library, RCMP, community center, parks, 5-mins from NSLC and Hwy 102. With unprecedented growth in the area, much like Enfield, Elmsdale's recent transformation, Stewiacke is likely to be unrecognizable in a few years; own a turn-key investment property in the centre of town. 45 mins from Halifax, 20 mins from Truro, Stewiacke is the perfect bedroom community to both. New developments nearby and the province's overall stratospheric growth are all an excellent indication of what's to come. Property features community laundry room, with appliances currently owned/maintained by 3rd-party company. New owners have option to continue existing arrangement (coin machine revenue is split 50/50) or to install/manage your own machines, further increasing income. Property itself is fully managed by an excellent property management company who are happy to stay on if new owners so desire. All providing plenty of flexibility for a new owner to be as hands-on or as hands-off as they'd like. 4 of the units are currently on fixed-term leases. With multiple applicants any time a unit becomes available and exceptional rental history, there's no shortage of people looking to rent in this area. Rents are currently very competitive with ample room for future growth. Immediate, consistent income with opportunity for future upside. Competitive cap, amazing location, an excellent property management company already in place if new owners desire, transition to ownership couldn't be easier. Call today! Gross: $118,220 (rent and laundry) Expenses: $42,430 NOI: $75,790