Description

The property is a 24-unit apartment building in Bancroft, built in 1980 and renovated between 2022 and 2026 offering stabilized income and opportunity for further top line revenue growth. Major capital improvements have been completed over the past few years making this a turnkey asset for investors with opportunity to further increase revenue with future turnover. New flooring consisting of high quality durable materials replaced in all common areas (hallways, stairwells & laundry area). Updated coin operated Machines in laundry area have added to increased monthly revenue. Other Recent upgrades to main plumbing, all new Roofing on side surround, all new railings and concrete steps to both exterior entrances and replacement of several water heaters within the building. The property benefits from professional management and a strategic location in Bancroft. Bancroft is a key service hub for North Hastings County with a population of around 60,000.The location offers proximity to healthcare, retail, dining, and recreation facilities. The rental market is supply-constrained, supporting rental growth. The area benefits from post-pandemic migration and increased demand for rental housing.

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