1260 Fairville Boulevard, Saint John

About this property

Are you looking for an investment that is passive with a highly lucrative upside? Appraised with 114 units, versus the 94 self storage units built, this investment has an upside valued near $3,000,000 at an 8% cap rate. The caveat is lease up. NEST self storage has been built for approximately 15 months and is currently leased at 54% as of the listing. With 90%+ occupancy this can yield a NOI value of $1,200,000 more than the asking price. This is an opportunity to get into the self storage business, without the work of finding a great parcel of land & without rezoning, building or dealing with tariffs. This listing has 6.32 acres which also poses an ability to expand the existing 94 storage space business, or rezone some of the surplus land into other commercial, or multi family. The surplus land has a value estimated at $300,000 on the open market. On a busy street, on the west side near a new development proposing 1000+ units within a 5km radius & the ports expansion & close proximity to the expanding industrial park, this is an opportunity to lease up the remaining units & earn a tidy return in the process. The current mortgage is assumable to the right buyer where a low down payment could make you the owner & then flip it to a bank at 65-75% of its full realized value to offer an INFINITE return. No kitchens to fix, no rent caps, no major expenses on unit turns, this is a low capital operation once you purchase. The opportunity is large & it can be yours now! (id:66811)