For sale · MLS® 1304910
101 New Cove Road
St. John's, NL, A1A2C2
List price
$485,000
About this propertyMLS® 1304910
Income-Generating Investment Property with Three Separate Living Spaces! Offering excellent versatility and income potential, this unique property features a two-apartment home plus an additional registered in-law suite with a separate entrance. With two units leased and a third recently renovated, this is an attractive opportunity for investors or buyers looking to offset their mortgage with rental income. The main unit offers 3 bedrooms, a spacious living room, separate dining room, kitchen, laundry, and 1.5 bathrooms, including a half bath in the primary bedroom. Currently leased for $2,300/month, utilities included. The registered in-law suite features a studio-style kitchen and living area with peninsula, separate bedroom, and 3-piece bathroom. It is currently leased for $1,100/month, utilities included, and shares an electrical service with the main unit. The 2-bedroom apartment has its own dedicated electrical service and has recently been updated with new flooring throughout and fresh paint. It includes a kitchen, living room, bathroom, and laundry hookups. Currently vacant following renovations, it has a projected rental income of $1,500/month POU (plus utilities). When fully rented at the stated rates, the property offers potential gross rental income of $4,900/month ($58,800 annually), before expenses. The oversized lot features mature trees, a fully fenced rear yard, rear yard access, a storage shed, and two driveways with parking for 7+ vehicles. The roof was newly shingled in 2026. With multiple living spaces, established rental income, additional income potential, and recent upgrades, this property is an excellent opportunity for investors! As per the seller’s direction, no offers will be conveyed until Tuesday, November 4th at 4:00 PM. All offers to remain open until 9:00 PM. (id:56688)
Property details
Coordinates: [47.581348, -52.709038]
Rooms
| Basement | Not known Bath (# pieces 1-6) Not known Kitchen Not known Bath (# pieces 1-6) Not known Not known Not known Not known | 13 x 6 null 3 PC null 12 x 6 null 13 x 8 null x 0 null 4 PC null 10 x 12 null 12 x 9 null 12 x 11 null 13 x 10 null |
| Main level | Ensuite Bath (# pieces 1-6) Bedroom Bedroom Bedroom Laundry room Kitchen Dining room Living room | 2PC null 4PC null 14 x 9 null 11 x 9 null 13 x 10 null 9 x 3 null 13 x 8 null 13 x 12 null 20 x 14 null |
Basic Calculator
First Mortgage: $388,000
Mortgage insurance premium: $0
Total Financing: $388,000
Rough closing fee (1.5%): ~ $7,275
Total downpayment with estimated closing fee: $104,275
Investment Calculator:
| Monthly | Yearly | |
|---|---|---|
| Gross Revenue | $2,495 | $29,940 |
| Gross rental income (income/principal ratio) | 0.514% | 6.173% |
| Mortgage | $0 | $0 |
| Monthly Expenses | $607 | $7,284 |
| Vacancy | $125 | $1,497 |
| Management Fee | $200 | $2,396 |
| Expense / Income Ratio | 24.33% | 24.33% |
| Cash Flow | $1,564 | $18,768 |
| Net Operating Income (NOI) | $1,564 | $18,768 |
| Capitalization Rate | 0.32% | 3.87% |
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