John St

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Listing Description

Five (5) Unit all-concrete purpose-designed apartment building for sale in Napanee steps to Downtown. Located in a quiet residential neighbourhood a short walk to the Napanee River, Springside Park & connecting trails, the property offers an attractive suite mix of 3x1-Bedroom & 2x2-Bedroom units. The 2008 full interior reconstruction created modern, code-compliant suites, w/ major building systems replaced. New roof covering 2018. All units are above grade w/ large windows, high ceilings & showcase solid craftsmanship. Units 1 & 2 are 1-Bedroom suites w/ living area, kitchen, large bedroom & 4-pc bath. Unit 3 is an oversized 1-Bedroom w/ open-plan kitchen/dining/living & private covered porch. Unit 4 is a 2-Bedroom featuring a large living room & U-shaped kitchen w/ abundant natural light. Unit 5 is an oversized 2-Bedroom w/ engineered hardwood, 9 ft ceilings, open kitchen/living/dining & ample storage. Units 4 & 5 offer accessibility features such as wide halls, doors, etc. Building systems include electric baseboard heating for Units 13, a dedicated gas furnace for Unit 4, & an in-floor hydronic boiler system w/ central A/C for Unit 5. Three electrical meters & 2 gas meters service the building with potential for more. On-site features include parking for 8 vehicles, coin-operated laundry & a private rear yard. The property represents a rare value-add investment due to current below-market rent structures & operational upside opportunity, offering significant upside in projected yearly NOI. The all-concrete substructure & superstructure provide long-term durability & a solid base for potential vertical expansion, subject to approvals. Within walking distance of downtown services, hospital, schools, library & riverfront parks, and minutes to VIA Rail & Highway 401, this is a durable multifamily investment with strong fundamentals & upside.
5 Fridge, 5 Stove, 1 Dryer & 1 Washer (Coin-Operated).