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237-243 Main Street, Parkhill, Ontario N0M 2K0
  • 237-243 Main Street, Parkhill, Ontario  N0M 2K0

237-243 Main Street, Parkhill, Ontario N0M 2K0

$1,650,000

Listing ID: 40344167
  • 0Bedrooms
  • 0Bathrooms
Property Type
Building Type
Storeys
2
Title
Freehold
Land Size

Description

RARE opportunity to purchase 12 units in on the main strip in Parkhill, a main route to Grand Bend. With a net income of just under of $110,000 per year before accounting for coin operated laundry. This property is a TRUE 6 cap rate and factors in 4% for management, vacancy, and maintenance. Rarely a vacancy on the commercial units, and currently the corner commercial anchor tenant just renewed for a 5 year term after having been there for over almost 2 decades, another commercial tenant just renewed a 3 year and had been there currently for 3 years. One other just signed a one year lease and the last is coming up for renewal in the new year. Residential units rarely turnover but when they do have been brought up to market rents. Four residential units are still about 60% of market and they offer upside to a new buyer who plans to move into one or potentially two units and combine them as a one unit to live in. Recent appraisal has been done which adds savings to a new buyer as it can be transfered upon an acceptable offer. Many updates over the years; facade painted 2020, common hallways 2021, re pointing over the last two years, 3 of the 4 roofs done in 2019 and 2021 and include a 25 year warranty. This property is a cashcow and generates over $140,000 a year. Property is also 3 seperate parcels that had amalgamated over the years but was purchased as two seperate parcels and could be sold the same way and with some legal work potentially as 3 seperate parcels. This offers flexibility to a buyer that wants personal use of the below market units. Don't miss out on a very rare opportunity to purchase a well run building with a consistently improving rent roll with some major capitalizations done. Lastly the anchor tenant is very helpful with showings/being on site eyes and ears, and has been in the building for years. (id:41195)

Details

Appliances Included
Zoning Description

Building

Bathrooms (Partial)
Bathrooms (Total)
Cooling
Exterior Finish
Brick
Foundation Type
Poured Concrete
Heating Fuel
Heating Type
Forced air
Style
Water
Municipal water
Utility Sewer
Municipal sewage system
Flooring
Fireplace
Basement Development
Full (Unfinished)
Bedrooms Above Grade
Listed by MAVERICK REAL ESTATE INC., BROKERAGE

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SUTTON PREFERRED

SUTTON PREFERRED

181 COMMISSIONERS ROAD WEST, London ON N6J1X9

Office: (519) 438-2222
Fax: (519) 438-1886

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  • Dear Neera;
    Thank you so much for your professionalism and attention to
    detail on the recent sale of my home. I’m sure that that and
    your sound advice in preparing the house and property for sale
    were instrumental in its timely sale for a fair value. As we were
    told, it was our goal to sell our house and it was your goal to
    help us do that to the best of your ability. You went above and
    beyond the call of duty.
    You’ll have our future business and we’ll be confident in
    referring you to others in the future.
    Best regards
    Sherri Evans

    Sherri Evans

  • My husband and I recently purchased a house in London, Ontario with the help of Blair Patton.  We were thrilled with our results.  Blair was a professional agent who understood very quickly what we were looking for.  He was very knowledgeable with the different areas in London and the value of the homes for sale.  At the time of negotiation he worked hard to represent us properly and negotiate over and above our expectation.  We would highly recommend Blair when buying or selling your home in London!

    Jerry & Laurie

  • When we wanted to move to London from Brampton as part of a job transfer, we were referred to Joyce Bryne by our friend.

    We wanted the best qualities in our agent especially integrity, experience and a good reputation which is what we received with using Joyce.

    Joyce has a deep insight into the current market and all the little details of the real estate business plus offered guidance at every step.

    Jiadeep and Manmeet Dhingra

    London Ontario

    Jiadeep & Manmeet Dhingra

  • We started our search for our first home in August 2021 and Sheri showed us countless homes and helped us put in offers on all of the ones we loved. Never did we feel pressured to put a high amount in or bid on homes that we didn’t like. She was very professional and knowledgeable answering all our questions and giving her opinion when asked. She included our son in all of the visits giving him his own flashlight so he could look around. I highly recommend Team Beckett! – kayla moura

     

    Kayla Moura

  • Joyce, I just wanted to say “thank you” for your excellent service.

    You and your team prepared me for what to expect in the selling process and how to get ready for showings. You are friendly, knowledgeable and professional!

    In summary, my hopes for the sale of my property were exceeded beyond my wildest expectations!! I would refer anyone selling their property to you and your team.

    Patricia Moulton

    Patricia Moulton

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237-243 Main Street, Parkhill, Ontario N0M 2K0
$1,650,000
40344167
Subject Take a look at this property MLS Number# 40344167

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