8 UNIT MULTIPLEX! INCREDIBLE MULTI-UNIT INVESTMENT OPPORTUNITY IN PORT COLBORNE!Discover the potential of 220-224 Mitchell & 59 Louis, a unique multi-property package featuring three separate dwellings including two duplexes and a fourplex for a total of eight units! This cash-flowing investment boasts six fully renovated and rented units, one rented but unrenovated unit, and one gutted unit approved for a five-bedroom rooming house.224 Mitchell (Fourplex): Three renovated 1-bed units plus one gutted 5-bed unit, generating $3,700/month (with major upside once the 5-bed unit is completed).59 Louis (Duplex): A 1-bed unit and a bachelor unit, generating $1,700/month, plus a garage and shed for additional value.220 Mitchell (Duplex): Two 1-bed units, each rented at $1,250, bringing in $2,500/month.Total gross rental income of $7,900/month, with significant potential for increased cash flow once the unfinished unit is completed. All three properties have newer roofs (2015), updated windows, siding, soffits, eaves, and modernized plumbing for peace of mind. The city recognizes seven units, making this a rare and highly lucrative investment opportunity with both strong current income and future appreciation potential! (id:61594)
| MLS® Number | X11968152 |
| Property Type | Multi-family |
| Community Name | 876 - East Village |
| Parking Space Total | 2 |
| Heating Type | Other |
| Size Exterior | 4000 Sqft |
| Size Interior | 4,000 Ft2 |
| Type | Multi-family |
| Utility Water | Municipal Water |
| Acreage | No |
| Size Depth | 90 Ft |
| Size Frontage | 60 Ft ,3 In |
| Size Irregular | Bldg=60.28 X 90 Ft |
| Size Total Text | Bldg=60.28 X 90 Ft |
| Zoning Description | R3 |
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