114-116 Wentworth Street, Saint John

About this property

A compelling opportunity to acquire a fully developed eight-unit apartment building in the heart of Uptown Saint John at a cost well below estimated new-construction replacement value. With new multi-residential construction estimated at approximately $220k per door, this established property is offered at less than $200k per door, with the major redevelopment work already completed. A buyer avoids the time, uncertainty and expense of building permits, construction and lease-up while acquiring an operating fully leased income property with updated units, established tenants and minimal anticipated maintenance. The building includes five one-bedroom and three two-bedroom apartments, a desirable mix for the Uptown rental market. Over the past 33 years, it has been carefully improved with quality materials and an emphasis on longevity and efficient ownership. Units offer distinctive features that set them apart from conventional rental stock, including exposed brick, skylights, fireplaces, stainless steel kitchens, breakfast nooks, generous storage and architectural details that support strong tenant appeal. Two garage bays provide parking or storage, with potential integration into adjacent units to create additional bedroom space and enhance value. Select units may also offer future combination opportunities. Additional features include two off-street parking spaces, FibreOP service directly to each unit, a Venmar system and electric boilers supplying cast iron radiators. Decades of thoughtful investment mean the costly and disruptive work of creating a quality multi-unit residential asset is already complete. Its architectural character adds tenant appeal while remaining a manageable, established apartment building. With approximately $143,500 in reported annual net income, an 8% CAP rate and 30% ROI, the property offers strong income, replacement-cost advantage, established operations and future flexibility in one of Saint Johns most desirable rental locations. (id:66939)