Property Description for 660 KING Street E
Rates are coming down and this cap-rate is going up! Fantastic investment opportunity in the heart of Preston. With new investment happening all around and a plan for future LRT nearby, this well maintained 7,412 sqft mixed-use building with quality, long term residential and commercial tenants is a true turn-key opportunity. With mortgage rates continually dropping, this investment currently operates at approx. 6.08% Cap Rate with a market-rate potential closer to 8.59%. With 4 residential units and 2 commercial, this building offers a good mix of income streams with fantastic upside potential. 2- two bedroom units and 2 - one bedroom units on the upper levels. One of the 1-bedroom units will be vacating end of September, allowing market rate for new rent bringing the potential cap rate to 6.66%! Main floor commercial with great street exposure and long term leases. Potential for additional storage income. Equipment is all owned, no rentals. Appliances included. Schedule a viewing today (id:38686)
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Property Details
Property Tax
: $12,489MLS® #
: 40767242
Home Features
Property Type
: MultiFamilySquare Footage
: 7,412 SQFTSubdivision
: 52 - Preston North
Interior Features
Heating
: Baseboard heaters, Forced air, Electric, Natural gasBasement
: Unfinished, Full
Utilities
Sewer
: Municipal sewage system
Other
Exterior Features
: Brick
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