42 Somerset Street Saint John, New Brunswick E2K 2X4

Baseboard Heaters Landscaped


This is your opportunity to acquire a well maintained, stable tenancy, 12 unit apartment building in a prime location in Saint Johns highly desired Millidgeville area. The property offers 11, two bedroom units, and a single one bedroom unit with ample parking onsite. See attached multi-media presentation. This property sits on slightly over ¼ of an acre on Somerset Street, which links Uptown Saint John and the harbour front area, with the hospital and university campuses. All units are large & bright, with the two bedroom units measuring approximately 850 square feet. There is a well kept coin-operated laundry room, and a small storage barn outside. All windows were replaced with high end, energy efficient thermal windows in 2019 (a $40,000 capital expenditure). See the attached supplements which contain the rent roll and financials. The property has a Market Cap Rate of 4.93%. Pride of ownership is evident when entering, which leads to long term tenants. The vacancy rate on this property has been zero for the past 10 year, other than for painting or renos. Theyve been able to rent prior to tenants moving out. This is one of the few local income properties which need no improvements made on day one. All measurements are to be confirmed by the buyer prior to close. Limited viewings available to accommodate tenants. Fully rented, month to month tenants. (id:38543)


Business Type Residential
Business Sub Type Residential

Property Details

MLS® Number NB069109
Property Type Other
Equipment Type Water Heater
Features Level Lot
Rental Equipment Type Water Heater


Heating Type Baseboard Heaters
Roof Material Asphalt Shingle
Roof Style Unknown
Total Finished Area 8900 Sqft


Access Type Year-round Access
Acreage No
Landscape Features Landscaped
Size Irregular 1011.7
Size Total 1011.7 M2
Size Total Text 1011.7 M2



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