59 Main Street
ONE OF A KIND LAKE VIEW INCOME PROPERTY | 16 CONDOS PRICED INTO 1 SINGLE ENTERPRISE INVESTOR PACKAGE | 10% CAP RATE AT GRAND BEND’S FAMOUS & BOOMING MAIN BEACH | STEPS TO THE SAND W/ EPIC LAKE VIEW TERRACE & BALCONIES! This hands-off turnkey multi-condo income opportunity is unlike anything that has ever been sold along the prosperous shores of Lake Huron. Just a 2 min walk to the sparkling sandy beaches of Grand Bend, ON, this brand new condo complex is now for sale as 1 single property w/ the new owner’s option to sell condos, one at a time, any time! The impressive & extremely well-built concrete & steel structure completed in 2023 offers 16 individual Grand Bend properties in one! There are 14 luxury residential condos providing 22 bedrooms, 20 bathrooms & 14 kitchens, 2 commercial condos fronting Main St providing 2 more bathrooms, housekeeping facilities for the mgmt of the short term rental operation, a heated parking garage, & the most impressive rooftop living space in town w/ panoramic views of Lake Huron, Main Beach, & Grand Bend’s world famous sunsets. Bldg is over 20,000 sq ft + the addt’l 4000 sq ft of rooftop living! The roof provides yet another bathroom + storage facilities. The 14 residential condos, during just a fraction of the high season, have already earned an amount of short term rental income comparable to what a 14 unit tenanted apartment building would earn over the course of an entire year, & that’s excluding the stellar income from the 2 long-term commercial tenants. Case in point, this isn’t just 16 condos, it’s a 16 condo package that is making considerable income, income that is exceeding the pro-forma projections at a rate that is likely to produce over 7 figures in annual revenue w/ minimal costs. This property capitalizes on the AirBnB/STR market using efficient & ground-breaking techniques that will ask nothing of the owner, & this turnkey model is included in the purchase price, along w/ all appliances & furniture. Premium X 10!
View full listing detailsPrice: | $12,500,000 |
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Address: | 59 Main Street |
City: | Grand Bend |
State: | Ontario |
Zip Code: | N0M 1T0 |
MLS: | 40463022 |
Square Feet: | 20,246 |
aboveGradeFinishedAreaUnits: | Square Feet |
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acresRange: | < 0.5 |
associationFee2Frequency: | Monthly |
attachedGarageYN: | yes |
basement: | None |
belowGradeFinishedAreaUnits: | Square Feet |
buildingAreaUnits: | Square Feet |
buildingName: | The Bend |
commonElementsFeeYN: | no |
commonInterest: | Freehold/None |
constructionMaterials: | Concrete, Metal/Steel Siding, Steel Siding |
coolingYN: | no |
country: | CA |
coveredSpaces: | 9 |
currentPrice: | 12500000 |
directions: | Map to 59 Main St, Grand Bend, ON: Just 230 mtrs from the 3rd best beach in Canada (Grand Bend's famous Main Beach) & steps to the rest of downtown's fantastic amenities is this incredible 16 condo investor package. |
dockingYN: | no |
electricOnPropertyYN: | yes |
exclusions: | None |
farmLandAreaUnits: | Square Feet |
feedTypes: | IDX |
fireplaceYN: | no |
foundationDetails: | Poured Concrete |
frontageLength: | 65.00 |
frontageType: | North |
garageSpaces: | 9 |
garageYN: | no |
inclusions: | 14 Refrigerators, 14 Dishwashers, 14 Induction Ranges, 14 Ovens, 14 Microwaves, 2 Washers, 2 Dryers, All Hot Water Heaters And Furnaces Are Owned & Included, All Assets Digital And Fixed For The Short Term Rental Business |
interiorFeatures: | High Speed Internet |
lotDepth: | 142 |
lotFeatures: | Ample Parking, City Lot, Marina, Schools, Visual Exposure |
lotSizeDimensions: | 142 x 65 |
mlsAreaMajor: | Lambton Shores |
mlsAreaMinor: | Grand Bend |
mlsStatus: | Active |
newConstructionYN: | no |
numberOfResidentialUnits: | 14 |
numberOfRetailUnits: | 2 |
numberOfWashrooms: | 23 |
numberOfWashroomsHand: | 3 |
offerInstructions: | Sched B with offers please (see supplements). Also in supplements, see full drawings. |
parkingFeatures: | Attached Garage |
parkingNumberOnSite: | 11 |
parkingTotal: | 11 |
roadFrontageType: | Municipal Road, Year Round Road |
roadSurfaceType: | Paved |
seniorCommunityYN: | no |
sewer: | Sewer (Municipal) |
storiesTotal: | 3 |
surveyType: | Available |
transactionType: | Sale |
utilities: | Electricity Connected, Fibre Optics, Garbage/Sanitary Collection, Natural Gas Connected, Recycling Pickup, Street Lights, Phone Connected |
waterSource: | Municipal |
waterfrontYN: | no |