241 ROSS STREET, St. Thomas, Ontario, N5R3Y5

Property Description

Exceptional Turn-Key Triplex in St. Thomas! 241 Ross St offers an outstanding cashflow opportunity, featuring a fully renovated three-unit property situated in a desirable and well-established neighbourhood. The property is fully leased with quality tenants and offers separately metered units. Each unit showcases bright, updated interiors with high ceilings, and the property includes parking for up to four vehicles. This is a clean, low-maintenance asset delivering immediate and stable cash flow, with the added flexibility for an owner to occupy one of the units if desired. Importantly, the property achieves a TRUE 7% CAP RATE, calculated conservatively and inclusive of maintenance, professional property management, and vacancy allowance, offering investors a realistic and properly underwritten return, with additional upside potential for a self-managed buyer who can retain the management costs. There is also the opportunity for an owner-occupant to move into one of the units while generating cash flow from the remaining suites, making it an attractive option for both investors and those looking to offset their housing costs. Additionally, there is potential to create a fourth unit in the basement (subject to required zoning approvals and permits), presenting approximately $100K profit potential and further enhancing the overall upside of the investment. Buyer to complete their own due diligence regarding zoning, approvals, feasibility, and financial projections. (id:64974)

Quick Facts

• Property Type: Multi-Family
• Bedrooms: 8
• Bathrooms: None
• Living Area: 2,929 sq ft (272.1 m²)
• Attached: Yes
• Parking: 5 spaces (Other)
• Frontage: 48 ft (14.7 m)

Costs

• Annual Taxes: $3,211.00

Listing Provided by: EXP REALTY
Board: London and St. Thomas Association of REALTORS®
Data provided via CREA DDF®.