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$ 1,120,000
Est. payment | /mo
1 SqFt
$ 1,120,000
Est. payment | /mo
1 SqFt
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 1 sqft
Price per Sqft $1,120,000
Subdivision College Heights
MLS® Listing ID X11929509
Originating Board North Bay and Area REALTORS® Association
Property Description
Looking for a cash-flowing property that meets the 1% rule? Consider how the cash flow could improve as interest rates decline. This turnkey 13-unit residential complex sits on a 1 acre lot and includes a newly renovated 3-bedroom stand-alone home, along with a 12-unit main building rezoned in 2022. The main building features 11 bachelor units and one, 1-bedroom unit. Gross rents total $137,452, with expenses for property management, vacancy, and maintenance estimated at $53079, resulting in a net income before mortgage of $78,875. Currently, 7 of the units are at or near market rent, offering the new owner potential for increased returns as the remaining 5 tenants transition. Supporting documents include new shingles with ice guard (2023), a site plan control showing all buildings and parking, water testing and well reports, zoning confirmations, a 2014 fire retrofit, and a detailed income and expenses report. The 3-bedroom house has received occupancy permits following fire remediation and renovations, all completed to current code, including electrical, gas furnace, framing, and drywall. The property also includes 5 older septic systems and a drilled well with engineering reports meeting MOE guidelines. All supporting documents on file and ready to send by email. (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Interior
Heating Other
Exterior
Parking Features No
View Y/N No
Total Parking Spaces 18
Private Pool No
Listed by REALTY EXECUTIVES Local Group Inc. Brokerage
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620 2nd Street SE, Medicine Hat, AB
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