For Sale: 279 Fitzroy Street, Summerside, PE

About this home

A rare opportunity to acquire a fully leased, income producing multiplex in the heart of downtown Summerside. 279 Fitzroy Street delivers immediate cash flow from day one, backed by a strong rental history and dependable, long term tenants. The current owner has successfully managed the property remotely, proving just how turn key and low maintenance this investment truly is. The zoning is Commercial, offering future flexibility and redevelopment potential for investors with vision. Set on a prominent corner lot, this well maintained three storey building features five 1 bedroom units and one 2 bedroom unit, most finished with updated interiors. Recent capital upgrades, including apartment upgrades, improved attic and basement insulation, security upgrades and roof replacements, have meaningfully reduced near term maintenance costs while improving energy efficiency, a meaningful advantage for any new owner's bottom line. The current owner is also planning a further heating system upgrade ahead of sale, positioned to improve operating efficiency and strengthen the property's financials going forward. Tenants enjoy a walkable downtown lifestyle just steps from the waterfront, City Hall, the Summerside Library, Holland College, local shops, and Holman's Ice Cream. This is more than a lifestyle perk, proximity to Holland College and core municipal employers underpins a steady, renewing tenant base, while six on site parking spaces (a genuine rarity in this downtown core) give the property a real competitive edge over comparable rentals. The building offers shared laundry and dedicated tenant storage, and is delivering returns approaching the 8% range. A strong yield for a stabilized, turn key asset in a market with limited new rental supply and ongoing downtown revitalization. (id:63626)

Listed by: Paul Llewellyn, EXIT Realty PEI

Home facts and features

Price details

List Price

$600,000

Gross Taxes for 2026

$10,432

Home facts

Bedrooms

Full Bathrooms

Parking Details

Shared, Parking Space(s), Gravel

Property Type

Multifamily

Lot Size

8712 ft²

Depth

Year Built

Built in 1947 (79 yrs old)

Title

Freehold

Exterior Finish

Wood siding

Heating Type

Oil, Electric, Radiator, Hot Water, Furnace

Basement Details

Unfinished, Full

Features

Balcony

Appliances

Refrigerator, Stove

Agent details

Primary Agent

Paul Llewellyn

Primary Broker

EXIT Realty PEI

Listing details

Days on REW

29 Days

Property Views

MLS® Number

202615419

Source

Canadian Real Estate Association

Board

Prince Edward Island Real Estate Association

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Property Insights

Schools nearby

6 Schools are within 3km

Parkside Elementary School

n/a
K - 6

Summerside Intermediate School

n/a
7 - 9

Elm Street Elementary School

n/a
K - 6

Three Oaks Senior High School

n/a
10 - 12

Athena Consolidated School

n/a
K - 9

Greenfield Elementary School

n/a
K - 6

279 Fitzroy StreetSummerside, PE, C1N 1J1