42 Somerset Street
Saint John, New Brunswick E2k2x4
MLS® Number: NB068812

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:34572)

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Property Summary

  • Bedrooms N/A
  • Bathrooms N/A
  • Architectural Style N/A
  • Property Type Multi-family
  • Square Footage N/A
  • Total Finished Area 8900 sqft
  • Built In N/A
  • Exterior Finish Vinyl
  • Heating Baseboard heaters
  • Title N/A
  • Rental Equipment Water Heater
  • Basement Type N/A
  • Parking Type Garage
  • Features N/A
  • Flooring Carpeted, Laminate, Vinyl
  • Type N/A

Land Properties

  • Lot Size 1011.7 m2
  • Access Type Year-round access
  • Water Municipal water
  • Features Landscaped
  • Sewer Municipal sewage system

Property Map