146-148 Orange Street, Saint John, New Brunswick E2L1M6

Property Description

An outstanding opportunity to own a character-filled Uptown Saint John duplex offering strong current income, spacious units and meaningful property improvements. Currently generating $44,400 in annual gross rental income, with seller-reported operating expenses indicating an approximate NOI of $28,620 and a 6.36% cap rate at the asking price. Offering approximately 1,300 sq. ft. per unit, 146-148 Orange Street combines the charm of a historic home with the functionality today's tenants value. High ceilings, bay windows, original hardwood floors and trim, separate living and dining spaces, bright eat-in kitchens with butler's pantries, generous storage and access to a fully fenced backyard create two highly appealing rental units. 146 Orange offers 3 bedrooms, while the top-floor 148 Orange features 4 bedrooms, a breakfast nook and one off-street parking space. Both units feature laundry connections and bathrooms with classic claw-foot tubs and rainfall shower heads. Mature trees, outdoor space and water views add to the property's distinctive Uptown setting. Both units are currently occupied under annual leases, with 146 renewing each January and 148 each August. The leases include a 2% annual rent increase provision, subject to the terms of each lease. Tenants pay their own separately metered electricity and heat. Recent improvements include select replacement windows and insulation completed in 2023-2024, chimney repointing and lining completed approximately 2024, major plumbing connecting to the municipal waste system replaced in 2020, and energy-efficient baseboard heating added to the main living spaces in 2025. The roof membrane was replaced in 2008. Whether you're expanding an investment portfolio or looking for a distinctive income property in one of Saint John's most established neighbourhoods, 146-148 Orange Street offers a compelling combination of character, location, current income and long-term potential. (id:5764)