16 GORE STREET E

Downtown Perth Perth K7H1H5

Fourteen-unit income property includes 3 commercial retail units plus 11 residential apartments. This an incredible opportunity for a value-add investor that appreciates underperforming assets and knows how to make the necessary renovations and cycle out tenants to raise rents to a market value. Residential rents are currently 50% below market value and commercial rents are 30% below market value. Lots of upside for a sophisticated investor who will actualize the embedded equity to increase the value of the property by more than $2,000,000. All units are separately metered for hydro. Commercial tenants also pay for heat and water. Includes 12 parking spaces. No on-site laundry. Two tankless water boilers were installed 3 and 7 years ago. Two hot water tanks service the building & are less than five years old. (id:2493)