241-243 Millidge Avenue, Saint John, New Brunswick
PRICE: $990,000
PROPERTY OVERVIEW
241–243 Millidge Avenue presents an excellent opportunity to acquire a well-located, mixed-use investment property in the heart of Saint John’s north end. Situated at the prominent corner of Millidge Avenue and Spar Cove Road, the asset presents opportunity for commercial income with residential cash flow in an established neighbourhood setting.
The property consists of a 6,400 SF (unverified) wood-frame, brick-clad building positioned on a 0.25-acre corner lot, offering excellent visibility and access. The building includes:
- 2,200 SF ground floor commercial unit (AREA TO BE CONFIRMED)
- Five (5) residential apartment units
- Mixed-use configuration designed to optimize long-term income stability
PID: 00046987
PAN: 1667449
Zoning: Local Commercial
INVESTMENTS HIGHLIGHTS
- Corner lot exposure at Millidge Avenue & Spar Cove Road
- Diversified income stream (1 commercial + 5 residential units)
- Strong in-place and projected rental revenue
- Extensive building history with ongoing upgrades
- Value-add improvements completed by recent ownership
- Proven neighbourhood commercial location (historically convenience store, pizza take-out, coffee house)
BUILDING HISTORY
Originally constructed in 1974, the property has served as a longstanding neighbourhood retail hub since the 1970s. The main commercial space has historically operated as a convenience store with complementary food service uses.
Capital improvements include:
- Exterior improvements completed in 2009 and select windows
- Vinyl siding added in 2021
- Ongoing periodic upgrades over the years
- Significant interior renovations initiated in 2022 to modernize and reposition the apartment units to maximize revenue
The recent ownership were focused on upgrading previously dated residential units to enhance rental income and overall property performance.
FINANCIAL OVERVIEW
PROJECTED MONTHLY INCOME
| UNIT | PROJECTED MONTHLY RENT |
|---|---|
| Commercial (vacant/for lease) | $2,425 (projected) |
| Apartment 1 (rented) | $1,850 (actual) |
| Apartment 2 (vacant) | $1,850 (projected) |
| Apartment 3 (vacant) | $1,850 (projected) |
| Apartment 4 (vacant) | $1,850 (projected) |
| Apartment 5 (rented) | $1,850 (actual) |
| Total | $11,596 PROJECTED monthly ($131,397 annually) |
ANNUAL FINANCIAL PROJECTIONS
Projected Gross Rental Revenue: $131,397
Operating Expenses: $46,000
Vacancy Allowance (5%): $6,569.85
Unrecoverable Expenses (3%): $1,380
Net Operating Income (Projected):
$131,397 – $46,000 – $6,569.85 – $1,380
= $77,447.15
Projected Cap Rate at Asking Price: ~7.8%
INVESTMENT SUMMARY
241–243 Millidge Avenue offers investors:
- Stable neighbourhood retail presence
- Improved residential units with revenue growth potential
- Strong upside/value
- Long-term hold opportunity in an established Saint John corridor
LOCATION DESCRIPTION
Situated in the north end of Saint John, Millidge Avenue is a well-traveled arterial route servicing surrounding residential neighbourhoods. The corner positioning enhances visibility for the commercial tenant while maintaining convenient access for residential occupants.
The area benefits from steady residential density, neighbourhood retail demand, and proximity to key amenities.
LOCATION MAP
Saint John Commercial Real Estate 