5749 Summer Street Niagara Falls, Ontario L2G 1M5

$940,000

Legal Non-Conforming 4-Plex + In-Law Suite | Prime Investment Opportunity. Fantastic income property featuring 5 x 2-bedroom units, including a lower-level 2-bedroom in-law suite with separate entrance. Set on a large 60.14 x 160.75 ft lot, this turnkey building includes a detached double garage, concrete driveway, and parking for all units. Four units have been recently renovated with approx $240,000 in upgrades, plus a brand-new coin-operated laundry room (2024). Additional updates include breaker panels, windows and doors, basement waterproofing, roofs (2011), boiler (2012), and bathroom upgrades throughout several units. Gross annual income approximately $97,686 with a desirable cap rate exceeding 8%. Ideally located just steps from the hospital, public transit, shopping, and other amenities in a rapidly evolving area of Niagara Falls. Potential Land Assembly Opportunity: The adjacent corner parcel is also currently available for purchase (sold separately), offering purchasers the opportunity to explore a potential land assembly and larger combined site footprint. Whether maintaining the existing income-producing assets or investigating future redevelopment possibilities, buyers are encouraged to complete their own due diligence regarding zoning, permitted uses, redevelopment potential, and municipal requirements. A rare opportunity to acquire a high-performing income property with immediate cash flow, significant recent capital improvements, and potential long-term upside in one of Niagara Falls' growing neighbourhoods. (id:61215)

Property Details

MLS® Number	X13233040
Property Type	Multi-family
Community Name	215 - Hospital
Parking Space Total	4

Building

Bathroom Total	1
Bedrooms Total	10
Cooling Type	None
Heating Fuel	Natural Gas
Heating Type	Forced Air
Type	Multi-family
Utility Water	Municipal Water

Land

Acreage	Yes
Size Depth	160 Ft ,9 In
Size Frontage	60 Ft ,1 In
Size Irregular	9645
Size Total	9645 Ac
Size Total Text	9645 Ac
Zoning Description	R2

https://www.realtor.ca/real-estate/29845902/5749-summer-street-niagara-falls-hospital-215-hospital