255 Church St
St. Catharines, L2R3E8
For Sale
$699,000
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Multi-Use
CATEGORY3,750 Sq Ft
TOTAL AREAX8448136
MLSIDContact Us
Property Description
Welcome to 255 Church Street! This solid 2-storey brick building is a prime investment opportunity situated in an up-and-coming neighourhood in the vibrant downtown St. Catharines community. The main floor and basement of this commercial gem are currently on a triple net lease with $24,000 annual base rent with a successful business, making it an attractive income-generating property from day one. The tenant pays CAM charges for commercial taxes, water, commercial insurance, commercial gas, and cleaning. The large basement adds to the property's potential, offering ample storage or expansion opportunities for a savvy investor. The second floor is zoned residential with 2 bedrooms, living room, a 4-piece bathroom, kitchen, and laundry currently being rented for an annual rental income of $14,928. The total rental income is $38,928 annual, ensuring full tenancy for the entire building. This unique setup provides flexibility for the current tenant or opens up possibilities for a variety of uses. With a solid tenant base, a charming facade, and zoned M1, M3 with endless possibilities for the future, this building presents a fantastic investment opportunity in a neighbourhood on the rise! Updates: Current owner updated front facade, upper windows, interior/exterior paint, front door, interior/exterior lighting, 200amp 3-phase breaker panel, plumbing, and boiler in 2019. Phase 1 environmental has been completed and cleared. Commercial tenant has 1 year left on the lease term. Cap rate is 5.5%
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Property Details
Category
Multi-Use
Zoning
M1, M3
Total Area
3,750 Sq Ft
Retail Area
2,500 Sq Ft
Lot Size
36' x 64'
Taxes
$6,031 (2023)
Air Conditioning
Yes
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Listing contracted with Royal Lepage Nrc Realty
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Discover an exciting pre-construction opportunity in the heart of downtown St. Catharines! This prime location is ideally situated near the Meridian Centre which is home to the IceDogs and River Lions, the FirstOntario Performing Arts Centre, and a myriad of fantastic shops, restaurants, and local boutiques. The location offers excellent connectivity with access to the 406 and QEW, as well as proximity to Brock University and Niagara College, the Go Train, and major shopping areas. The city has approved an impressive new building design featuring modern and state-of-the-art construction with a commercial space on the main level, and two luxury apartments on the second level, each with a balcony. With city permits already in place, you can start the project immediately. Architectural drawings, a current survey, and a completed servicing report are all included. Originally built in 1910, the property currently serves as a 2-storey home with 3 bedrooms, 2 bathrooms, a living room, kitchen, dining room, an unfinished basement for ample storage, and 2 parking spots. The home features a waste stack replaced in 2022, a furnace installed in 2000, an A/C serviced in 2023, and a roof that is 10-15 years old. The current set-up provides rental potential to generate income while you finalize your plans. Don't miss out on this unique opportunity to invest in the vibrant future of downtown St. Catharines!
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