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$ 1,895,000
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58 Elgin ST Belleville, ON K8P 4B2
14,757 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Square Footage 14,757 sqft
Price per Sqft $128
Subdivision Belleville Ward
MLS Listing ID X12945496
Annual Tax Amount $28,311
Tax Year 2025
Lot Size 0.339 Acres
Property Sub-Type Investment
Property Description
58 and 60 Elgin Street, offered together at $1,895,000 per building. Two adjacent 12-unit buildings with 24 suites in all: 22 two-bedroom and 2 one-bedroom. 23 suites are occupied. The one-bedroom at 58-01 is vacant and in use as the seller's workshop. Net operating income on rents in place is $201,561 for the two buildings combined, a 5.3% cap rate at the combined price with substantial upside. Rents in place are below market. Investment summary available on request. Tenants pay heat and hydro, and every suite is separately metered. Both buildings have new fire alarm systems, installed in 2023 and 2024 at a cost of about $100,000, with notifier communication to the Belleville Fire Department. Windows are about 90% replaced at 58 Elgin and about 70% at 60 Elgin, and all were flashed in 2025. 24 surface parking spaces. One superintendent covers both buildings. This property is to be sold with the adjacent 12-plex listing.
Location
State ON
County Hastings
Area Hastings
Interior
Cooling No
Exterior
Utilities Available Available
Lot Frontage 102.36
Lot Depth 137.51
Building
Building Age 31-50
Others
ParcelsYN No
Listed by Re/Max Quinte Ltd.