58 Elgin Street Belleville, Ontario K8P 4B2
$1,895,000
58 and 60 Elgin Street, offered together at $1,895,000 per building. Two adjacent 12-unit buildings with 24 suites in all: 22 two-bedroom and 2 one-bedroom. 23 suites are occupied. The one-bedroom at 58-01 is vacant and in use as the seller's workshop. Net operating income on rents in place is $201,561 for the two buildings combined, a 5.3% cap rate at the combined price with substantial upside. Rents in place are below market. Investment summary available on request. Tenants pay heat and hydro, and every suite is separately metered. Both buildings have new fire alarm systems, installed in 2023 and 2024 at a cost of about $100,000, with notifier communication to the Belleville Fire Department. Windows are about 90% replaced at 58 Elgin and about 70% at 60 Elgin, and all were flashed in 2025. 24 surface parking spaces. One superintendent covers both buildings. This property is to be sold with the adjacent 12-plex listing. (id:50333)
Business
| Business Type | Residential |
| Business Sub Type | Apartments |
Property Details
| MLS® Number | X12945496 |
| Property Type | Multi-family |
| Community Name | Belleville Ward |
| Features | Irregular Lot Size |
| Parking Space Total | 12 |
Building
| Age | 31 To 50 Years |
| Appliances | Dryer, Water Heater, Two Washers |
| Cooling Type | None |
| Heating Type | Baseboard Heaters |
| Size Interior | 14,757 Sqft |
| Type | Multi-family |
| Utility Water | Municipal Water |
Land
| Acreage | No |
| Sewer | Sanitary Sewer |
| Size Depth | 137 Ft ,6 In |
| Size Frontage | 102 Ft ,4 In |
| Size Irregular | 102.36 X 137.51 Ft |
| Size Total Text | 102.36 X 137.51 Ft |
| Zoning Description | R6 |
Contact Us
Contact us for more information
Sean Mckinney
Broker of Record
www.remaxquinte.com/
www.facebook.com/sean.mckinney.543792
www.instagram.com/seanmckinneyrealtor?igsh=MWEwdjd0OXgzMW81cA%3D%3D&utm_source=qr
106 North Front Street
Belleville, Ontario K8P 3B4
(613) 969-9907
(613) 969-4447
www.remaxquinte.com/
Liam Mckinney
Broker
www.mckinneyrealty.ca/
www.facebook.com/mckinneymultifamilygroup
www.linkedin.com/in/liammckinneyre
13525 Loyalist Parkway
Picton, Ontario K0K 2T0
(613) 476-5900
(613) 476-2225
www.remaxquinte.com/
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November 06 2026 08:29:22
Central Lakes Association of REALTORS®
RE/MAX Quinte Ltd.