279 Fitzroy Street Summerside, Prince Edward Island C1N 1J1

$600,000

A rare opportunity to acquire a fully leased, income producing multiplex in the heart of downtown Summerside. 279 Fitzroy Street delivers immediate cash flow from day one, backed by a strong rental history and dependable, long term tenants. The current owner has successfully managed the property remotely, proving just how turn key and low maintenance this investment truly is. The zoning is Commercial, offering future flexibility and redevelopment potential for investors with vision. Set on a prominent corner lot, this well maintained three storey building features five 1 bedroom units and one 2 bedroom unit, most finished with updated interiors. Recent capital upgrades ? including apartment upgrades, improved attic and basement insulation, security upgrades and roof replacements ? have meaningfully reduced near term maintenance costs while improving energy efficiency, a meaningful advantage for any new owner's bottom line. The current owner is also planning a further heating system upgrade ahead of sale, positioned to improve operating efficiency and strengthen the property's financials going forward. Tenants enjoy a walkable downtown lifestyle just steps from the waterfront, City Hall, the Summerside Library, Holland College, local shops, and Holman's Ice Cream. This is more than a lifestyle perk ? proximity to Holland College and core municipal employers underpins a steady, renewing tenant base, while six on site parking spaces (a genuine rarity in this downtown core) give the property a real competitive edge over comparable rentals. The building offers shared laundry and dedicated tenant storage, and is delivering returns approaching the 8% range ? a strong yield for a stabilized, turn key asset in a market with limited new rental supply and ongoing downtown revitalization. (id:59559)

Property Details

MLS® Number	202615419
Property Type	Multi-family
Community Name	Summerside
Amenities Near By	Park, Playground, Public Transit, Recreation, Marina
Community Features	School Bus
Equipment Type	None
Features	Balcony
Rental Equipment Type	None

Building

Appliances	Stove, Refrigerator
Basement Development	Unfinished
Basement Type	Full (unfinished)
Constructed Date	1947
Exterior Finish	Wood Siding
Flooring Type	Carpeted, Hardwood, Laminate, Vinyl
Foundation Type	Stone
Heating Fuel	Electric, Oil
Heating Type	Furnace, Hot Water, Radiator
Type	Apartment
Utility Water	Municipal Water

Parking

Gravel
Parking Space(s)
Shared

Land

Acreage	No
Land Amenities	Park, Playground, Public Transit, Recreation, Marina
Sewer	Municipal Sewage System
Size Irregular	0.2
Size Total	0.2 Ac|under 1/2 Acre
Size Total Text	0.2 Ac|under 1/2 Acre
Zoning Type	Multi-family

https://www.realtor.ca/real-estate/29943455/279-fitzroy-street-summerside-summerside