Located at 55?63 Russell Street in Summerside, Prince Edward Island, this offering presents an opportunity to acquire a modern 16-unit multi-residential investment property comprising two purpose-built 8-unit apartment buildings. Built in 2020 by AFFLECK Construction, the property offers investors the benefits of newer construction, functional unit layouts, and potentially reduced near-term capital expenditure requirements compared with older multi-family inventory. All 16 residential units feature a two-bedroom, one-bathroom layout, with each unit including in-suite laundry with its own washer and dryer, along with a fully equipped kitchen featuring a stove, refrigerator, dishwasher, and microwave. The property is currently fully occupied, providing an established rental income stream and a stable operating profile. Its combination of modern construction, consistent unit configuration, and full occupancy makes it well suited to investors seeking a quality income-producing asset with long-term holding potential. The property is conveniently located in Summerside with access to shopping, schools, employment, healthcare, public services, and other everyday amenities, supporting continued tenant demand and long-term rental appeal. This offering is suitable for experienced multi-residential investors, portfolio owners seeking to expand their holdings, and qualified purchasers looking to acquire a substantial rental asset in Prince Edward Island. A detailed rent roll, operating statements, and supporting financial information are available to qualified purchasers upon request. To respect tenant privacy and minimize disruption, showings will be arranged for serious and financially qualified purchasers only, with a minimum of 48 hours? notice. 55?63 Russell Street offers a compelling opportunity to acquire a fully occupied, relatively modern 16-unit multi-residential asset in one of Prince Edward Island?s key regional markets. (id:4069)
Address
55/63 Russell Street
List Price
$3,480,000
Property Type
Multi-family
Type of Dwelling
Apartment
Transaction Type
Sale
Area
Prince Edward Island
Sub-Area
Summerside
Lot Size
0.78 Sq. Ft.
MLS® Number
202622661
Listing Brokerage
ROYAL LEPAGE PRINCE EDWARD REALTY
Basement Area
None
Postal Code
C1N2T4
Ownership
Freehold
Site Influences
Park, Playground, Public Transit
Community Features
School Bus
Appliances
Stove, Dishwasher, Washer/Dryer Combo, Intercom, Microwave Range Hood Combo, Refrigerator
Amenities
Laundry Facility
Heat Source
Electric
Heat Type
Wall Mounted Heat Pump, Space Heater
Cooling Features
Air exchanger
Foundation Details
Concrete Block
Water Source
Municipal water
Sewer
Municipal sewage system
