Attention real estate investors! Don't miss out on this lucrative investment opportunity! The IMPERIAL BLOCK, a historic revenue-generating building located in downtown Vermilion, is available for sale. Built in 1912 by British capitalists, this iconic property was originally designed as a luxury office and apartment block. Over the years, it has served as a residence for figures like Mayor J.W.G. Morrison and provided accommodations for students from the Vermilion School of Agriculture. Today it continues to be a popular residence for students of Vermilion's Lakeland College and local industry such as oilfield and agriculture. Sitting on a spacious 60â x 120â lot, this three-story building is constructed of durable local brick from the Vermilion Brick Factory. It features a single commercial tenant on the main level, along with eight residential units above. The unit breakdown includes a variety of layouts, from spacious two-bedroom units to oversized one-bedroom and studio apartments. Additionally, the property offers the convenience of on-site coin-operated laundry facilities.With an impressive gross revenue of approximately $100,000 annually, the Imperial Block boasts a remarkable CAP rate of over 9%. This makes it a highly desirable investment opportunity for savvy real estate investors. Contact us today to discover how you can maximize your returns with this exceptional property! (id:27476)
