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$2,075,000
Est. payment /mo
15 Beds
12 Baths
10,000 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Freehold
Listing Status Active
Purchase Type For Sale
Square Footage 10,000 sqft
Price per Sqft $207
Subdivision Wb01 - Wasaga Beach
MLS® Listing ID 40742943
Bedrooms 15
Year Built 1960
Lot Size 0.437 Acres
Acres 0.437
Property Sub-Type Freehold
Source Barrie & District Association of REALTORS® Inc.
Property Description
EXCLUSIVE 12-UNIT PROPERTY IN A HIGH-DEMAND AREA WITH EXCITING DEVELOPMENT POTENTIAL! Unlock the full potential of this rare investment property in a sought-after location just steps from the water and minutes from the new casino. This former motel has been transformed into a fully tenanted, legal 12-plex, offering investors a strong cap rate of 6.75% and multiple value-add angles that make it stand out in today's market. Zoned for medium-density residential development and situated on a corner lot with 147.3 feet of frontage, this property is adjacent to vacant land earmarked for redevelopment, offering excellent future expansion potential. The generous 0.437-acre site is perfectly positioned for long-term growth and creative redevelopment in an area with rising demand for housing. Inside, the building is configured with 9 one-bedroom and 3 two-bedroom units, all of which are self-contained and have tenant-paid utilities, resulting in low operating costs and minimal landlord management. No common areas = no additional maintenance headaches. Additional highlights: Detailed P&L statement available for qualified buyers, Environmental Phase 1 report (2019) available on request with no known concerns, Ample on-site parking for all tenants and visitors, Fully occupied with reliable cash flow from day one. This is a golden opportunity for investors looking to scale, develop, or simply hold a solid income-producing asset in a high-growth area. With the casino nearby, rezoning already in place, and development buzz surrounding the neighbourhood, this property offers both immediate income and long-term upside. Opportunities like this are rare; don't miss your chance to capitalize! (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Interior
Heating Baseboard heaters,
Cooling None
Exterior
Parking Features No
Community Features School Bus
View Y/N No
Total Parking Spaces 12
Private Pool No
Building
Story 2
Sewer Municipal sewage system
Others
Ownership Freehold
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Listed by RE/MAX Hallmark Peggy Hill Group Realty Brokerage