$1,340,000
$1,340,000
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313 Midland Avenue Midland, ON L4R 3K5
6,731 SqFt
Key Details
Sold Price $1,340,000
Property Type Commercial
Sub Type Mixed,Building and Land
Listing Status Sold
Purchase Type For Sale
Square Footage 6,731 sqft
Price per Sqft $199
MLS Listing ID 40615172
Sold Date 07/23/24
Abv Grd Liv Area 6,731
Originating Board The Lakelands
Annual Tax Amount $14,269
Property Sub-Type Mixed,Building and Land
Property Description
Steps from the shore of Georgian Bay in Midland's bustling downtown sits this 11 unit, fully tenanted multi-res building. This 3 storey structure features an assortment of layouts and updated spaces, with 4 units on each of the first two floors, and 3 units on the third floor. High historical demand for these dwellings suggests a prospective investor may expect stable income, at a cap rate of 6.5%. When properly configured, the parking area allows for a minimum of 8-10 vehicles. The basement contains multiple storage units, a laundry area, a modest office, utility rooms, and a workshop which could be converted for other applications (including residential). Most units enjoy forced air heat, except two which use electric baseboard. Tenants run their own air conditioning units in warmed months.
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Location
Province ON
County Simcoe County
Area Md - Midland
Zoning DC-F2
Direction Take King street and turn right on Elizabeth, continue on Midland Ave. Property on right.
Rooms
Basement Crawl Space
Kitchen 0
Interior
Interior Features High Speed Internet
Fireplace No
Exterior
Parking Features Other
Utilities Available Electricity Connected, Garbage/Sanitary Collection, Natural Gas Connected, Recycling Pickup, Phone Connected
Lot Frontage 63.23
Lot Depth 175.06
Garage No
Building
Lot Description Irregular Lot, Ample Parking, City Lot, Marina, Schools
Faces Take King street and turn right on Elizabeth, continue on Midland Ave. Property on right.
Story 3
Foundation Concrete Block, Stone
Sewer Sewer (Municipal)
Water Municipal
Level or Stories 3
Structure Type Block,Metal/Steel Siding,Vinyl Siding
New Construction No
Others
Senior Community false
Tax ID 584670122
Ownership Freehold/None
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