For Sale · Multifamily

348 Myrtle Street, Summerside

348 Myrtle Street, Summerside, PE C1N1Y8

$329,900 total

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Asset Class

Multifamily

Size

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Building class

B

Zoning

RA8 — Medium Rise

$ / SF

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Occupancy

100%

About this property

NEW KITCHENS. NEW BATHROOMS. BRAND NEW APPLIANCES. This freshly renovated side by side duplex at 348 Myrtle Street, Summerside, offers flexibility for homeowners, extended families and investors. Live in one unit and rent the other, keep family close with separate living spaces, or add both units to your rental portfolio. With renovations and painting complete, both units offer fresh interiors with new flooring, new kitchens, brand new appliances and brand new bathrooms. Washer and dryer hookups have been installed in each unit. A steel roof and new or updated entry steps add to the appeal. Unit 1 features two bedrooms, one full bathroom, a kitchen, dining room and living room. An insulated loft offers additional potential, with drywall and flooring materials included in the purchase for its completion. Unit 2 offers three bedrooms, one full bathroom, a new kitchen with brand new appliances, and a den for added flexibility. Each unit has two separate entrances, its own power meter, electrical panel, furnace and oil tank, plus one parking space. This independent setup offers practical separation for owners, tenants or family members sharing the property. Located within walking distance of the Summerside Boardwalk, Confederation Trail, shopping and parks, this property puts everyday conveniences and outdoor recreation close to home. Clean, freshly updated and ready for its next owner or landlord, 348 Myrtle Street is a great opportunity to combine a place to call home with rental potential, accommodate family, or invest in Summerside real estate. (id:66811)

Financial sandbox

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Estimate
Purchase price$330K
Down payment30% · $99K
Interest rate6.25%
Amortization25 years
Occupancy100%
Expense growth2.5%

Monthly debt service

$2K

Projected NOI

$18K

Annual cash flow

$-548

Cash-on-cash

-0.55%

DSCR

0.97

Going-in cap

5.38%

Figures are modelled from the listed price and asset class for illustration only. Verify all income, expenses, and financing terms independently before making an offer.

Area demographics

Trade area within 3 miles of the property.

Population

133,091

Households

48,306

Median income

$81,500

Median age

41.9

Daytime population

113,626

5-yr growth

8.7%

Modelled estimates for illustration until a licensed census data provider is connected.

Secure deal room

Confidential diligence documents for 348 Myrtle Street, Summerside.

NDA required
  • Offering Memorandum

    PDF · 4.2 MB

  • Rent Roll & T-12

    XLSX · 820 KB

  • Environmental Phase I

    PDF · 6.7 MB

  • Site Survey & Plans

    PDF · 11.4 MB

  • Zoning Confirmation Letter

    PDF · 310 KB

Preview experience — the electronic NDA is illustrative and is not a binding agreement.