$1,049,000

117 Vermillion Avenue, Princeton

Princeton, Princeton, BC V0X1W0

8,000 sq ft · Commercial

Listed by Luxmore Realty · Faizal Tejani

About this property

AN IMPRESIVE 10%+ CAP RATE INVESTMENT AND DEVELOPMENT OPPERTUNITY in the heart of Princeton! Generating approx. $12,000/month from 9 units, this property delivers strong cash flow with a significant upside. An additional approx. 3000 sq ft of unused space on the second floor provides further income potential. Extensive upgrades include new plumbing throughout, updated electrical with 7 individual meters, plus new flooring and paint in most units. Many suites have kitchen and bathroom upgrades as well.The development upside is a huge bonus, initial conceptual drawings have been complete and initial discussions with town have been conducted with huge support. Princeton is a pro development community experiencing major growth, with new builds up to 6 storeys. There is a sever housing shortage and the vacancy rate is below 1%, Princeton is quickly becoming a market for developers and investors. Strong income and incredible future value. (id:67417)

Property details

Price

$1,049,000

MLS® number

10400499

Property type

Commercial · Multi-Family · Multi-family

Ownership

Freehold

Living area

8,000 sq ft

Lot size

0.25 acres · 0.25

Year built

1929

Storeys

2

Community

Princeton, Princeton

Features

Basement

Crawl space

Heating

Baseboard heaters, Electric

Parking

Rear, Street

Flooring

Mixed Flooring

Roof

Other, Unknown

Exterior

Other

Appliances

Oven - Electric, Oven, Hood Fan, Washer & Dryer

Community

Pets Allowed With Restrictions

Lot

Two Balconies

Water

Municipal water

Sewer

Municipal sewage system

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