350 St Philippe Street

**ATTENTION INVESTORS!** Here's an excellent opportunity to add a mixed-use income property to your real estate portfolio in the heart of Alfred, Ontario. Ideally located along Highway 17, this property offers excellent exposure, multiple income streams, and strong investment potential in a growing community conveniently situated between Ottawa and Montreal. The property features one established commercial unit occupied by Milano Pizza, along with three residential apartments, including two 2-bedroom units and one bachelor apartment. The commercial tenant has recently renewed their lease for an additional four years under a triple net lease, providing stable long-term income while minimizing the owner's operating expenses. The residential component offers an attractive opportunity to increase cash flow. One fully renovated 2-bedroom apartment is currently vacant, allowing the new owner to establish market rent immediately. The remaining apartments are occupied by long-term tenants, providing consistent rental income with future growth potential. Current monthly rental income includes the commercial unit at $2,028 + HST under a triple net lease, one occupied 2-bedroom apartment at $856/month plus heat and hydro, and a bachelor apartment at $497/month with hydro included. The renovated vacant 2-bedroom unit offers an estimated rental potential of approximately $1,300/month plus heat and hydro, creating immediate upside for the next owner. Whether you're an experienced investor or looking to add a versatile mixed-use property to your portfolio, this building offers the security of a long-term commercial tenant, multiple residential income streams, and the opportunity to increase revenue through the vacant renovated apartment. A great investment opportunity in a central Alfred location. (id:28469)