20 Suez Street

An excellent opportunity to acquire a fully occupied two-apartment property within walking distance of Memorial University. Offering six bedrooms in total, the property contains two spacious three-bedroom, one-bathroom units, each with its own laundry. The units are currently leased for $1,700 and $1,650 per month, POU, providing a combined gross rental income of $3,350 per month or $40,200 annually. The $1,650 monthly rent is scheduled to increase to $1,700 on December 1, 2026, bringing the combined gross rental income to $3,400 per month or $40,800 annually. With both units already occupied, a purchaser can benefit from established rental income immediately upon closing. The building was substantially rebuilt in 2010 and has been maintained and remains in good overall condition. Its central location near MUN, public transit, shopping and everyday amenities should support continued rental demand. Situated on a corner lot, the property also offers access to the rear yard from the adjoining side street. The site may provide opportunities to add additional parking, construct a garage or explore additional residential development in the rear yard, subject to City of St. John’s approval and all applicable municipal requirements. A compelling option for investors seeking a centrally located, income-producing property with two substantial rental units and potential for future site improvements. No conveyance of offers until September 6th at 5:00 PM per attached Seller's Direction. (id:67337)