My spouse and her construction and design team have beautifully restored an historical (150-year-old) multi-residential, mixed use, 3-story downtown Belleville property called the Burrows Building. It has 10 wonderful loft apartments (studios and 1- and 2-bed units) plus 3 ground floor commercial spaces, fully leased. It has frontage on a main street plus access from a back alley. Approved plans are available to add another 1-bedroom apartment (on the ground floor with alleyway access) and there is room for yet another 1-bedroom apartment and commercial space (also on the ground floor). The going-in cap rate is just over 7% per year with potential to raise it further. The property is available for $4.85 million. It’s an opportunity to own a unique treasure that is likely to increase in value over time. The reason it’s obtainable now is because of changes in a family member’s state of health. If you’d like to know more, please reach out to me at bruce@brucemfirestone.com. I’ll send you more information and arrange a tour if you’d like. Kindest personal regards, Bruce Firestone

Current appraised value of the Burrows Building is $5.65 million and after completion of remaining expansion possibilities increases to $6.8 million.

Belleville, population 57,800 and growing, has a surprisingly diverse and resilient local economy attracting businesses and people from the Toronto-Ottawa-Montreal region. Located on the picturesque Bay of Quinte, Belleville is part of Hastings County/Prince Edward County wine country.