Property Description

Versatile downtown investment opportunity located on a prominent corner lot at 37 Central Street in the heart of Summerside. This well-maintained mixed-use building offers multiple income streams and flexibility for both investors and owner-operators. The main floor is currently approved and occupied as a convenience store and an electronic repair shop, featuring excellent street exposure, a powder room, and a small office/kitchenette area. The commercial space can be delivered vacant or the current owners are open to entering into an agreeable lease, subject to terms acceptable to both parties?providing options for immediate occupancy or continued rental income. The upper floor is city-approved for room rentals and consists of four individual tenant rooms with shared kitchen and bathroom facilities. This level has its own private side entrance, allowing for separation between residential and commercial uses. The basement includes multiple storage rooms and an office-style area. While there are no exterior windows, the space is functional for storage and support uses related to the building?s operations. The property is fully electric with Heat for less heating system by City of Summerside, reducing mechanical complexity. Buyers will assume the existing heating lease. The building has undergone extensive upgrades in recent years, including fire-rated drywall on the main floor and basement, new main-floor flooring, upgraded electrical service with a 400-amp panel and an additional 100-amp panel servicing the lower level, and 90-minute fire-rated doors installed throughout the building at key entry and exit points. With approved commercial uses, residential room rentals, basement storage potential, and a prime downtown location close to shopping, services, and the waterfront, this property offers a wide range of possibilities?whether as a convenience or specialty retail space, electronic service business, office use, or a multi-income investment (id:7434)