48 Alexander Street, Belleville, ON

Description

24 unit residential apartment building available for the first time since 1986 on the north side of Alexander Street between Mt. Pleasant Rd. & Ann St. in central Belleville, ON. The building is nearly 96% occupied with only 1 unit currently vacant; 20 of the units are 2 bedroom (appx. 870 SF) and 4 of the units are 1 bedroom (aprx. 680 SF). There are approximately 30 parking space in total with each unit having 1 designated parking space with the remaining 6 parking spots being for visitors in addition to nearby street parking. The steel roof has has been repaired 3 years ago and remains in good condition with 20+ years of remaining life expected. There is a common laundry room facility paid for by the tenants using machines rented by the landlord at a cost of $200 per month. 7 water heaters are owned with 1 being rented from Reliance. Municipal taxes in 2024 were $45,164.63. Additional financial information including the revenues/expenses can be shared confidentiality with serious buyers only. The MLS system only permits a listing to include a maximum of 9 bedrooms and 9 kitchens, but please note that is not accurate since there are actually 44 bedrooms in total and 24 kitchens in total (1 per suite). Tours must be arranged in advance as the building is locked at all times & tenants may need to be notified in advance. This building produces excellent monthly revenue, which can be increased every year in accordance with the residential tenancies act. There are also opportunities for cost savings on operational expenditures to significantly increase the net operating income & therefore the value of this property, making it an attractive investment opportunity at a reasonable price. Take advantage of the decreasing interest rates being offered by banks today!