48.5 Mitchell Street

Located in the fast-growing St. Thomas, being fully rented with a 7.06% Cap Rate, this fourplex is within walking distance from multiple grocery stores; bank branches; a long list of local independent restaurants, cafes, bars, and bakeries; health and fitness options that will meet the needs of every demographic segment. Princess Ave Playhouse and St. Thomas-Elgin Public Art Centre are around the corner for art & entertainment. Elgin County Courthouse, City Hall, and St. and Thomas Public Library can all be reached on foot. Within 5-8 minutes BIKING DISTANCE, there are plenty of options for outdoor activities. Park and Recreational Facilities: V.A. Barrie Park with large open space, Athletic Park with soccer and other physical activities, and Pinafore Park for picnics, fishing, baseball, and splash pad & playground. National & Multi-national brands such as Walmart, Real Canadian Superstore, Staples, Canadian Tires, McDonald's, A&W, Popeye's, Starbucks, Swiss Chalet & Harvey's, Tim Hortons, Marble Slab Creamery are only a short drive away. This 4-plex features three(3) recently updated 2-bedroom units and one(1) 1-bedroom unit, with 4-car parking. Unit #1 main floor 2-bedroom unit features updated kitchen(cabinet door, countertop, sink & faucet), updated laundry facility, new vinyl floorings throughout eat-in kitchen and hallway, with hardwood flooring in living room and bedrooms, and updated bathroom. Unit #2 basement 2-bedroom unit has been updated with new vinyl floorings throughout, new laundry machines, and updated kitchen and bathroom. The overhauled Unit #3 upper level 2-bedroom unit has a new kitchen(cabinets, countertop, tiled backsplash, sink, faucet, & appliances), new bathroom with laundry(vanity, faucet, tiled shower), and new vinyl flooring throughout. This property currently is generating Rental Income of $71,160. After the Total Operating Expense of $9,782, the Net Operating Income is $61,385 annually.