88 Confederation Drive

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51-Suite Apartment Building For Sale in St. Thomas, Ontario

42.7959254, -81.1658107

Main Intersection
S Edgeware Road & Burwell Road
Location
London
Address

88 Confederation Drive
St Thomas ON N5P 3P5
Canada

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Building Information

Overall Building Size
51 Suites
Building Type
3 Storey Walk Up
Frontage
282 ft
Depth
293 ft
Lot Area
1.85 acres
Parking
65 Surface Parking Stalls
Property Highlights

The property is a three-story, 51-suite apartment building located on a 1.85- acre parcel of land within a low-rise residential neighbourhood in northern St. Thomas, Elgin County. The building was constructed in 1972 and features surface parking, on-site laundry facilities, and each unit has a balcony, patio or private fenced yard. The current average rental rate is $1,242—approximately 31% below prevailing market rents—offering significant potential for income growth through unit turnover. Eight vacant suites on closing provides a unique opportunity for new ownership to renovate and lease at market rates as well as individually metre for hydro, reducing expenses and further optimizing property revenue. Recent non-income generating capital expenditures (capex) includes a new roof, boiler, and the renovation of hallways, laundry rooms, stairwells, and lobbies. Due to the building's walk-up design and surface parking, there will be predictable future maintenance.

Details

Suite Mix: 10-Bach, 21-1Br, 20-2Br
Year Built: 1972
Laundry: Three On-Site Laundry Rooms

Special Notes

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