Description
Offered at a 6% CAP Rate. Turnkey three-unit commercial investment in downtown Picton rented to government and institutional tenants that have been in place since 1993. Long-term leases in place with automatic renewals at market rent. 12,392 sq. ft. building on 0.835 acres with 55 on-site paved parking spaces and additional municipal lots and free parking steps away, and green space at the back of the property. Site zoned CG-6 with full municipal services. The building, originally built in 1970 and totally renovated in 1993, features concrete block construction, acrylic stucco exterior, and a TPO flat roof replaced in 2020. Separately metered units with 3-phase 400-amp service, 5 rooftop HVAC units, a fire alarm system, and an elevator (tenant-maintained). Unit 1: 6,596 sq. ft. completely renovated in 2024 on two floors, Unit 2: 4,967 sq. ft., Unit 3: 829 sq. ft. The rent is calculated on 11,688 sq. ft. of net inside floor space. No easements or rights-of-way. The building is located 1 block from the center of Main Street, Picton.
Overview
Property ID:
X12293108
Type:
Office
Square:
12,392 m²
Price:
$2,299,000
PropertyType:
Commercial
TransactionType:
For Sale
BuildingAreaUnits:
Square Feet
Cooling:
Yes
Heating:
Gas Forced Air Open
ParkingFeatures:
Reserved/Assignd
YearBuilt:
51-99
TaxAnnualAmount:
32060
PossessionDetails:
Flexible
Map
-
AddressPrince Edward County
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