Colliers International is pleased to offer for sale a multi-residential apartment building located at 49 St. Mary’s River Drive in Sault Ste. Marie, Ontario (the “Property” to be referred to as “Station 49”). This offering represents a great opportunity to acquire a prime waterfront multi-family property well positioned in the local competitive landscape. The Property is located in Downtown Sault Ste. Marie and is directly adjacent to a number of amenities in Station Mall, which is one of the largest enclosed malls in Northern Ontario. In addition to the Mall, the property benefits from local entertainment venues like GFL Memorial Gardens, Gateway Casino Sault Ste. Marie, and a number of local parks and pathways along the St. Mary’s River. Access to the US/Canada border is also just a short distance away for residents in the area. Station 49 represents an opportunity to acquire a strong position or add onto an existing position within the Sault Ste. Marie or broader Northern Ontario market. The property has good upside potential with rental rate growth as units turn over, and also qualifies for attractive financing. While many buyers have become frustrated with the low cap rates for multifamily properties in the GTA, Sault Ste. Marie has begun to develop into an attractive market for smart investors seeking stronger returns in markets across Ontario with populations greater than 50,000.
- Property sold. Please contact the listing agent for more information.