Fourteen-unit income property includes 3 commercial retail units plus 11 residential apartments. This an incredible opportunity for a value-add investor that appreciates underperforming assets and knows how to make the necessary renovations and cycle out tenants to raise rents to a market value. Residential rents are currently 50% below market value and commercial rents are 30% below market value. Lots of upside for a sophisticated investor who will actualize the embedded equity to increase the value of the property by more than $2,000,000. All units are separately metered for hydro. Commercial tenants also pay for heat and water. Includes 12 parking spaces. No on-site laundry. Two tankless water boilers were installed 3 and 7 years ago. Two hot water tanks service the building & are less than five years old. (id:48414)
| MLS® Number | 1331798 |
| Property Type | Multi-family |
| Neigbourhood | Downtown Perth |
| Parking Space Total | 12 |
| Constructed Date | 1920 |
| Exterior Finish | Stone |
| Foundation Type | Stone |
| Heating Fuel | Natural Gas |
| Heating Type | Hot Water Radiator Heat |
| Stories Total | 3 |
| Utility Water | Municipal Water |
| Acreage | No |
| Sewer | Municipal Sewage System |
| Size Depth | 89 Ft |
| Size Frontage | 79 Ft |
| Size Irregular | 79 Ft X 89 Ft |
| Size Total Text | 79 Ft X 89 Ft |
| Zoning Description | C1 |
https://www.realtor.ca/real-estate/25330481/16-gore-street-e-perth-downtown-perth
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