380 Bayview Pkwy
Orillia, L3V3Y2
For Sale
$1,450,000
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Apartment
CATEGORY2,880 Sq Ft
TOTAL AREAS8172780
MLSIDContact Us
Property Description
Looking for a turn key investment? Only 19 years old, this is an exceptional purpose built 5-plex with very low maintenance costs, featuring 4 two bedrooms units and 1 bachelor unit, all with 1 kitchen and bathroom. Occupied with triple A tenants, this property yields very strong cash flow, resulting in an excellent cap rate. The units have all been beautifully renovated with commercial grade flooring, new kitchens and bathrooms. An easy building to maintain with a steel roof, vinyl siding, new breaker panels and separate hydro meters for all tenants. Baseboard heating in bedrooms & heat/air conditioner unit in the living rooms. Located right across the street from the lake, and conveniently located just minutes from Hwy 12 and downtown Orillia, this is an opportunity to buy and benefit from the revitalization of Orillia. Financials Attached.
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Extras
This Property is Also Zoned for Commercial Use, providing Great Future Potential. Conveniently Located Minutes to Lake Couchiching, Parks, Trails, Restaurants and So Much More.
Property Details
Category
Apartment
Usage
Apts-2 To 5 Units
Zoning
C41
Total Area
2,880 Sq Ft
Lot Size
90' x 135'
Taxes
$7,788 (2024)
Air Conditioning
Yes
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Listing contracted with Ipro Realty Ltd
Similar Listings
Top 5 Reasons You Will Love This Property: 1) Rare opportunity to own a renovated and turn-key, multi-unit commercial building in the heart of Orillias blossoming downtown 2) Enjoy a cap rate over 6% with five fully tenanted units, including two commercial spaces on the main level, one being a laundromat and the other being a clothing store 3) Three modernized and updated, two-bedroom residential units with an additional long-term revenue upside 4) Recent updates include a TPO roof, copper and pex plumbing throughout, and $581/month increased NOI 5) Directly across the street from the Orillia Public Library and Opera House in one of Orillia's most coveted downtown neighbourhoods. 5,816 fin.sq.ft. Age 104. Visit our website for more detailed information.
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