20417 Trans Canada Hwy, Rte 1 Crapaud, Prince Edward Island C0A 1J0
$499,500
7-Unit Income Property in Crapaud, PEI ? High-Yield Opportunity. With a potential 8-10% cap rate Investment Highlights -Strong Rental Demand PEI?s rental market is one of Canada?s tightest, with a 1.1% vacancy rate ensuring consistent tenant demand. -Current Income: Four updated units generating $58,992 annually at market rents, with two additional units at below-market rents offering immediate upside potential. -Renovation Opportunity: One gutted unit ready for renovation, projected to yield $1,200/month at market rates upon completion, boosting total income to ~$80,000-$100,000/year. - Net Operating Income (NOI): Current NOI of $28,649 (2024 financials: $58,992 income, $30,343 expenses), with potential for 8-10% cap rate post-renovation. - Recent Upgrades: Modernized with weeping tile, basement drainage, heat pumps, and a new roof, reducing future maintenance costs. - Spacious Lot: 1.1 acres offers potential for future development or expansion (subject to zoning). - Historic Charm: The Howatt House, an architectural gem, adds unique appeal for tenants and investors. Property Details - Unit Breakdown: - 4 Updated Units: Fully renovated, leased at market rents ($880, $978, $978, $1000/month) -Units 1, 3, 4, 5, and 6 are eligible for the 2025 annual rent increase. - 2 Unrenovated Units: Below-market rents, (currently $539,$550) ideal for value-add upgrades to reach $1,200-$1,500/month each. - 1 Gutted Unit: Ready for renovation, with contractor estimates of $25,000-$35,000 to complete, unlocking $1,200/month in additional rent. - Financial Snapshot: - Current Annual Income: $58,992 (6 units) - Annual Expenses: $30,343 (utilities, taxes, maintenance) - Projected Income Post-Renovation: $80,000-$100,000 (7 units at market rents) - Location Benefits: Crapaud offers a peaceful, rural setting just 30 minutes from Charlottetown, ideal for tenants seeking affordability and tranquility. Close to schools, local shops, and South Shore beaches. (id:11866)
Property Details
| MLS® Number | 202514687 |
| Property Type | Multi-family |
| Community Name | Crapaud |
| Amenities Near By | Playground, Recreation, Shopping |
| Community Features | School Bus |
| Equipment Type | None |
| Rental Equipment Type | None |
Building
| Amenities | Laundry Facility |
| Appliances | Range - Electric, Dryer, Washer, Refrigerator |
| Basement Development | Unfinished |
| Basement Type | Full (unfinished) |
| Constructed Date | 1892 |
| Exterior Finish | Vinyl |
| Flooring Type | Laminate |
| Foundation Type | Stone |
| Heating Fuel | Electric |
| Heating Type | Wall Mounted Heat Pump |
| Stories Total | 3 |
| Type | Apartment |
| Utility Water | Ground-level Well |
Parking
| Parking Space(s) | |
| Parking Space(s) |
Land
| Acreage | Yes |
| Land Amenities | Playground, Recreation, Shopping |
| Sewer | Municipal Sewage System |
| Size Irregular | 1.1 |
| Size Total | 1.1 Ac|1 - 3 Acres |
| Size Total Text | 1.1 Ac|1 - 3 Acres |
| Zoning Type | Multi-family |
https://www.realtor.ca/real-estate/28472320/20417-trans-canada-hwy-rte-1-crapaud-crapaud
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60 St. Peter's Rd
Charlottetown, Prince Edward Island C1A 5N5
(902) 218-1701
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June 22 2025 12:11:13
Prince Edward Island Real Estate Association
Northern Lights Realty Ltd.