155 Marine Drive

Marystown A0E 2M0

Very well maintained 16 unit Apartment Building that consists of 8 two-bedroom (686 sq ft) and 8 three bedroom (834 sq ft) apartments that have historically been occupied by local mining and fishery companies and include internet, utilities and furnishings including oven, refrigerator, washer & Dryer. Property was built in the mid-1970's. Recent interior renovations have the property with an effective age of 15 years. The .57 acre lot is zoned "Residential Traditional Community" and backs onto the rocky coastline of Creston Inlet. Paved parking with some landscaping and a detached building used for main electrical service (800 amp main panel). 3576 sq ft on level one, two & three and 3430 sq ft in partially above ground basement for a total of 14,158 sq ft. Based on the current pro-forma statement, this property is projected to achieve a capitalization rate (CAP Rate) of 7.4%, reflecting its potential return on investment relative to the purchase price. (id:2493)