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279 Fitzroy St, Summerside, PE

Name: 279 Fitzroy St, For Sale in Summerside - eXp Realty
Brand: EXIT Realty PEI
SKU: 202615419
Price: 600000 CAD

Condo

For Sale

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MLS® 202615419

Property Details
Map

Description

A rare opportunity to acquire a fully leased, income producing multiplex in the heart of downtown Summerside. 279 Fitzroy Street delivers immediate cash flow from day one, backed by a strong rental history and dependable, long term tenants. The current owner has successfully managed the property remotely, proving just how turn key and low maintenance this investment truly is. The zoning is Commercial, offering future flexibility and redevelopment potential for investors with vision. Set on a prominent corner lot, this well maintained three storey building features five 1 bedroom units and one 2 bedroom unit, most finished with updated interiors. Recent capital upgrades, including apartment upgrades, improved attic and basement insulation, security upgrades and roof replacements, have meaningfully reduced near term maintenance costs while improving energy efficiency, a meaningful advantage for any new owner's bottom line. The current owner is also planning a further heating system upgrade ahead of sale, positioned to improve operating efficiency and strengthen the property's financials going forward. Tenants enjoy a walkable downtown lifestyle just steps from the waterfront, City Hall, the Summerside Library, Holland College, local shops, and Holman's Ice Cream. This is more than a lifestyle perk, proximity to Holland College and core municipal employers underpins a steady, renewing tenant base, while six on site parking spaces (a genuine rarity in this downtown core) give the property a real competitive edge over comparable rentals. The building offers shared laundry and dedicated tenant storage, and is delivering returns approaching the 8% range. A strong yield for a stabilized, turn key asset in a market with limited new rental supply and ongoing downtown revitalization. (id:58753)Show Description

Key Facts

Type Apartment

Levels Residential Income

Size -

Taxes $10,432

Days Active 76

Approx. Age 1947

MLS® Number 202615419

Approx. Age1947

Utilities

HeatOil, Electric, Radiator, Hot Water, Furnace

Additional Information

Zoning Multi-Family

Siding Wood Siding

Sewage System Public Sewer

Landscaping Balcony

Price History

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$XXX,XXXSold Price

Top Secret

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$XXX,XXXList Price

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