Address: 232 Elm Street, St. Thomas, Ontario, CA
Created date: February 21, 2024
Date last updated: February 23, 2024
- Fast value-add opportunity
- Only surface level renovations required
- Structure in good condition
- 5 vacant units on closing
- Potential to turn another 7 units prior to closing
- Buyout program has not been pursued
Property Description
FOR SALE: 23-unit, 3 story walk-up apartment building with potential to build up to 8 additional units on site! A report from a local planning firm suggests that increased density on this site would likely be supported given the sites characteristics, arterial road access and proximity to a major regional health care centre. With below market rents and a unique opportunity to turn over and renovate, this investment opportunity is full of potential. Nestled on 0.659 acres across from the St. Thomas Elgin General Hospital on an arterial road, this property offers tenants excellent transportation and a quiet neighbourhood. With Amazon opening shortly and the VW battery plant currently under construction, the local housing demand is only going to increase over the next decade. Don’t miss this opportunity to get in before demand pushes the market even higher.