Description

5 unit building sitting on 2290 sq. m. lot consisting of 1-5 bedroom rent $2150, 2-4 bedrooms rents $1800 each, 1-3 bedroom rent $1150, and a 2 storey loft unit rent $1200 with sun bbq deck at back of building overlooking river which is 1 bedroom but could be 2 (perfect owner unit). The 3 bed unit has very large bedrooms just became vacant and renos starting soon, rent increase possibility. There are 3 power meters: 1 for a 3 bed, 4 bed and loft; 1 for 4 bed; 1 for 5 bed. Landlord provides heat, lights, internet, and periodic cleaning service. Very close to 2 universities, on bus route, near all amenities. A 32 unit is under construction directly beside this, which is next to a 130 unit project recently approved for micro boutique units. All along this section of Forest Hill Road are many multi unit buildings ranging from 2 to 24+ units, tenant mix mostly young working professionals and students. Currently R4 zoning. Great future large scale multi-unit project location possibilities. Financials are 2020, Cap Rate about 5.9%. Historic low interest rates and low vacancy rates present an opportunity for a strong future financial position. (id:31866)

Property Summary

Building

Land