224 Mitchell Street Port Colborne, Ontario L3K 1Y3

$699,000

Excellent opportunity to acquire a multi-property residential investment portfolio in the growing community of Port Colborne. This offering includes three separate buildings with a total of eight residential units located at 220 Mitchell St., 224 Mitchell St., and 59 Louis St., providing strong current income with additional value-add potential.224 Mitchell Street (4 units): Currently configured with three fully renovated one-bedroom units plus one unit that has been taken back to the studs waiting to be completed as a value addition, presenting significant upside once completed. 220 Mitchell Street (2 units): Two one-bedroom units, both currently tenanted at $1,250 per month, generating $2,500 in monthly income. 59 Louis Street (2 units): One one-bedroom unit was generating $700 per month and one bachelor unit currently generating $400. The property also features a detached garage and additional storage shed, providing further tenant convenience and potential rental value. Across the portfolio there are six renovated and tenanted units, one tenanted unit awaiting updates, and one vacant gutted unit ready for finishing. The current combined gross monthly income totals approximately $7,350, with room for future growth. Major capital improvements have been completed across the properties, including roof replacements (2015), updated windows, exterior siding, soffits, eavestroughs, and plumbing upgrades, helping reduce near-term maintenance concerns. With seven units, this package presents a compelling opportunity for investors seeking a stabilized asset with additional redevelopment or rental upside. Conveniently located close to amenities, parks, and the historic Welland Canal corridor, which continues to support growth and revitalization in the area. (id:15069)

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https://www.realtor.ca/real-estate/29475740/224-mitchell-street-port-colborne-east-village-876-east-village