About 37 Pierce Street
Introducing 37 Pierce Street, an impressive fully renovated triplex in the heart of North Sydney. Purchased in 2019, the property has been completely renovated from the studs out, with the exception of the roof, which is approximately 10 years old, and the siding. Each of the three units features its own 100-amp breaker panel, dedicated air exchanger, heat pump, and electric baseboard heating. The upper unit is currently rented for $1,008 per month plus utilities, while the main floor and basement units are vacant, providing an excellent opportunity for the new owner to select their own tenants. Projected rents are approximately $1,250 per month for the main floor and $1,100 per month for the basement. Each unit offers 2 bedrooms, a 4-piece bathroom, contemporary kitchen with tiled backsplash, and an open-concept living and dining area. Each unit is also equipped with its own washer/dryer combo. With all three units separately metered for electricity and each offering its own laundry and mechanical features, this property offers an attractive setup for investors. Conveniently located within walking distance to many local amenities and just a short walk to the bus stop, 37 Pierce Street offers a strong combination of location, condition, and income potential. Based on the current rental income and projected rents for the vacant units, the property offers the potential for a future cap rate of approximately 10% +/-, making this an excellent investment opportunity.
