42 Somerset Street, Saint John, New Brunswick, E2K2X4

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For sale, ID#: NB068812
42 Somerset Street
Saint John New Brunswick
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0 Beds
0 Bath
$1,625,000

This is your opportunity to acquire a well maintained, stable tenancy, 12 unit apartment building in a prime location in Saint Johns highly desired Millidgeville area. The property offers 11, two bedroom units, and a single one bedroom unit with ample parking onsite. See attached multi-media presentation. This property sits on slightly over ¼ of an acre on Somerset Street, which links Uptown Saint John and the harbour front area, with the hospital and university campuses. All units are large & bright, with the two bedroom units measuring approximately 850 square feet. There is a well kept coin-operated laundry room, and a small storage barn outside. All windows were replaced with high end, energy efficient thermal windows in 2019 (a $40,000 capital expenditure). See the attached supplements which contain the rent roll and financials. The property has a Market Cap Rate of 4.93%. Pride of ownership is evident when entering, which leads to long term tenants. The vacancy rate on this property has been zero for the past 10 year, other than for painting or renos. Theyve been able to rent prior to tenants moving out. This is one of the few local income properties which need no improvements made on day one. All measurements are to be confirmed by the buyer prior to close. Limited viewings available to accommodate tenants. Fully rented, month to month tenants. (id:2471)

Representative
Judy Mitchell
Judy MitchellSales Representative,
RE/MAX Professionals Saint John Inc., Brokerage
Virtual Tour
Property Details
  • Property Address: 42 Somerset Street, Saint John, New Brunswick, E2K2X4
  • Property Type: Multi-family
  • Lot Size: 1011.7
  • Acreage: 1011.7 m2
  • Sewage Type: Municipal sewage system
  • Water Type: Municipal water
  • Access: Year-round access
Structure Details
  • Storeys: 2
  • Exterior Type: Vinyl
  • Flooring: Carpeted, Laminate, Vinyl
  • Foundation Type: Concrete
  • Appliances Included: Refrigerator, Stove, Washer, Dryer
Amenities / Features
  • Level lot
  • Landscaped
Neighbourhood Information

Listing Offices: SUTTON GROUP AURORA REALTY LTD. (S222)

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42 Somerset Street, Saint John, New Brunswick, E2K2X4

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