88 Confederation Dr Immeuble residentiel 51 lots À vendre St Thomas, ON N5P 3P5

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.