A rare opportunity to own a well-maintained 12-unit apartment building in one of Summerside?s most desirable and highly sought-after locations. This turnkey investment offers a strong 7% cap rate with consistent cash flow, fully occupied with a full roster of long-term tenants already in place. Situated on a quiet cul-de-sac directly across from schools and within walking distance to the hospital, shopping, and everyday amenities, this is exactly the kind of location that continues to attract and retain quality tenants. Extensive updates have been completed within the past ten years, significantly enhancing both the value and long-term durability of the property. Improvements include new roof, new exterior siding, new composite decking, balcony doors and railings on balcony units, all new windows, flooring, fresh paint, and new interior doors. Many units have also seen upgraded ceramic tub surrounds. The common areas have not been overlooked, with new windows, updated flooring, and new railings contributing to a clean and well-maintained overall presentation. The parking lot has been refilled and paved, ditches infilled, and the exterior grounds improved for both function and curb appeal. Each unit is equipped with its own heat pump, adding efficiency and comfort for tenants. Additional features include ample on-site parking, coin-operated laundry providing additional revenue, and a professionally managed structure. The current owner is willing to stay on for a flat fee and continue with property management, including cleaning, lawn cutting, snow removal, tenant calls, site visits, leasing, move outs, for up to 2 years, ensuring a seamless and stress-free transition for the next owner. Opportunities like this are becoming increasingly difficult to find in today?s market. All measuremets are approximate and if deemed important should be verified by purchasers. (id:4069)
Address
101 Phaneuf Court
List Price
$1,250,000
Property Type
Multi-family
Type of Dwelling
Apartment
Transaction Type
Sale
Area
Prince Edward Island
Sub-Area
Summerside
Lot Size
0.53 Ac.
Year Built
1988
MLS® Number
202625682
Listing Brokerage
RE/MAX HARBOURSIDE REALTY
Postal Code
C1N4R3
Ownership
Freehold
Site Influences
Golf Course, Park, Playground, Public Transit, Recreation, Shopping, Marina
Features
Balcony
Community Features
School Bus
Appliances
Stove, Dryer, Washer, Refrigerator, Intercom
Amenities
Air Conditioning, Cable TV, Laundry Facility
Heat Source
Electric, Oil
Heat Type
Baseboard heaters, Wall Mounted Heat Pump, Hot Water
Cooling Features
Air Conditioned
Foundation Details
Poured Concrete
Water Source
Municipal water
Sewer
Municipal sewage system
