255 Durham Street
Property Description
A unique investment opportunity in the heart of Kincardine! Known as Malcolm Place since 1929, this impressive Italianate mansion was built in 1875 (large addition built in 1988 as boarding house) and sits on over half an acre, just one block from downtown, steps to Lake Huron and a short drive from Bruce Power. The building offers 41 residential rooms, each with a private bathroom. Many units with ductless heating and air conditioning. Shared amenities include two kitchens, laundry facilities, comfortable common areas, a spacious lobby and public washrooms. Elevator access and keypad room access add convenience. Currently over 5,000 sf of vacant space on the main floor and basement. Historic charm shines through the original woodwork, ornate plaster details and grand staircase. Additional features include a copper roof, upgraded insulation, fire alarm with sprinkler system and 1,200-amp electrical service. A distinctive property combining character, extensive amenities, multiple potential uses and great income in a convenient location! Great property for an active investor/operator looking for higher yields or potentially to reposition back into a retirement home, apartments, boutique motel or bed and breakfast. Buyer to complete their own due diligence on current and future uses.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $4,800,000 |
| No. of Units: | 41 |
| Year Built: | 1875 |
| Lot Size: | 0.64 Acres |
| Opportunity Zone: | No |
| Price per unit: | $117,073 |
| Property Website | Click Here |
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