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2614 Frederick Street

fsbo for sale by owner

The Schoolhouse Apartments is a 3-storey 9-unit all-brick building in Lambton County near Petrolia, west of London and SE of Sarnia. One 3-bed, one 2+den, two 2-bed, one 1+den, four 1-beds. Fully maintained since its conversion from the Oil Springs Public School in 1980, each unit has its own private balcony or porch. New architectural roof shingles 2018. Electric baseboard heating with 10 separate hydro meters and all tenants but one paying their own. Ten electric hot water tanks (9 owned) with zero conflicts. On-site coin laundry maintained by external vendor splitting proceeds with owner. Great tenants, no dogs or children. Current year to gross $87,936 ($48,365 net) delivering comfortable 5.6% cap rate at this price. DEVELOPERS NOTE INCLUDED ONE-ACRE R1 VACANT LAND. Owner retiring.