642 West Street, Prescott, ON

Description

Attention Investors! Brand-New 2024-Built 4-Plex in Prime Prescott Location. Discover a rare opportunity to own a brand-new, purpose-built 4-plex in the heart of Prescott! Completed in 2024, this low-maintenance investment property is fully tenanted with leases that began in 2024, ensuring immediate rental income and future growth. Ideally located downtown, 642 West St. offers unparalleled convenience just minutes from schools, shopping, restaurants, Hwy 401, and the scenic St. Lawrence River. Prescott is a growing community with expanding job opportunities, making it an attractive rental market. Each of the four modern 2-bedroom, 1-bath units features an open-concept layout, durable vinyl flooring, stylish kitchens with stainless steel appliances (including dishwashers), and in-unit stackable washers & dryers. Recessed pot lights add a contemporary touch, while an efficient hot water boiler system provides comfortable heating. Current Rent Roll (All Tenants Pay Hydro, Water & Sewer, Heat Included): Upper Units: $2,000/month each (Increasing to $2,050/month in May & July 2025). Lower Units: $1,800/month each (Increasing to $1,845/month in June & July 2025). Total Current Annual Rental Income: $91,200. Total Annual Rental Income After Rent Increases (2025): $93,780. Estimated Annual Expenses (Property is yet to be assessed and has not been operated for a full year): Property Taxes: $4,000 (Estimated). Insurance: $2,638 (Actual). Heating: $2,000 (Estimated Gas Hot Water Boiler System). Lawn Care & Snow Removal: $1,300 (Actual). Current Net Operating Income (NOI): $81,262. Projected NOI After Rent Increases (2025): $83,842. With parking for 8 vehicles and a location in a steadily growing rental market, this turnkey investment is the perfect addition to your portfolio. Interior pictures are prior to occupancy. Don't miss out, contact us today for more details!