A rare opportunity to acquire a fully leased, income producing multiplex in the heart of downtown Summerside. 279 Fitzroy Street delivers immediate cash flow from day one, backed by a strong rental history and dependable, long term tenants. The current owner has successfully managed the property remotely, proving just how turn key and low maintenance this investment truly is. The zoning is Commercial, offering future flexibility and redevelopment potential for investors with vision. Set on a prominent corner lot, this well maintained three storey building features five 1 bedroom units and one 2 bedroom unit, most finished with updated interiors. Recent capital upgrades ? including apartment upgrades, improved attic and basement insulation, security upgrades and roof replacements ? have meaningfully reduced near term maintenance costs while improving energy efficiency, a meaningful advantage for any new owner's bottom line. The current owner is also planning a further heating system upgrade ahead of sale, positioned to improve operating efficiency and strengthen the property's financials going forward. Tenants enjoy a walkable downtown lifestyle just steps from the waterfront, City Hall, the Summerside Library, Holland College, local shops, and Holman's Ice Cream. This is more than a lifestyle perk ? proximity to Holland College and core municipal employers underpins a steady, renewing tenant base, while six on site parking spaces (a genuine rarity in this downtown core) give the property a real competitive edge over comparable rentals. The building offers shared laundry and dedicated tenant storage, and is delivering returns approaching the 8% range ? a strong yield for a stabilized, turn key asset in a market with limited new rental supply and ongoing downtown revitalization. (id:4069)
Address
279 FITZROY Street
List Price
$600,000
Property Type
Multi-family
Type of Dwelling
Apartment
Transaction Type
Sale
Area
Prince Edward Island
Sub-Area
Summerside
Lot Size
0.2 Sq. Ft.
Year Built
1947
MLS® Number
202615419
Listing Brokerage
EXIT Realty PEI
Basement Area
Full (Unfinished)
Postal Code
C1N1J1
Ownership
Freehold
Site Influences
Park, Playground, Public Transit, Recreation, Marina
Features
Balcony
Community Features
School Bus
Appliances
Stove, Refrigerator
Heat Source
Electric, Oil
Heat Type
Furnace, Hot Water, Radiator
Foundation Details
Stone
Water Source
Municipal water
Sewer
Municipal sewage system
