| Message Number | 414148 | ||||||
|---|---|---|---|---|---|---|---|
| status | Active | ||||||
| Subject Line | 45 Unit Apartment Building & 5 Commercial Units, Lake Huron Area (2 1/2 hrs. to GTA),$8,950,000.00, Fully Occupied with Plenty of Parking | ||||||
| Business area |
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| Have/Want | Have | ||||||
| Business category | Commercial Buildings/Hotels/Motels Apartment buildings/multi unit/condo townhouse projects/investments |
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| Date of Listing | April 3 2023 | ||||||
| Type Description | 45 Unit Apartment Building & 5 Commercial Units | ||||||
| Location | Walking Distance to Downtown Core | ||||||
| Price | $8,950,000.00 | ||||||
| Size | 45 Apts & 5 Commercial Units | ||||||
| Site area | 1.47 Acres | ||||||
| Cap Rate | 4.25% | ||||||
| Comments | Well-maintained 45 suite apartment building close to downtown core. Consists of 25 - 2 bedroom and 20 - 1 bedroom apartments plus 5 well-established commercial units. This 3 story building with ample parking sits on 1.47 Acres and has been owned and maintained by the same family since being built in 1980. Updated elevator, alarm system, windows, balcony doors, kitchens & bathrooms. New roof scheduled for Spring 2023. Occupied by long-term, mature residents. On-site laundry facilities and residents lounge. Currently fully rented with typical zero vacancy and a waiting list. Located in an area with strong residential rental demand. Current cap rate 4.25% as per Oct. 2021 AACI appraisal. Current rents are under market value and incoming new tenants are paying 40% increase. Viewings to be arranged following acceptance of an Agreement of Purchase and Sale. | ||||||
| Internet Links | |||||||
| Member Identifier | 382 | ||||||
| Control | MLS | ||||||
| Name | Russell Coultrup | ||||||
| Title | Sales Representative | ||||||
| Company Name | Re/Max Land Exchange Ltd. Brokerage | ||||||
| Address Line One | 325 Lambton St. Unit 4A | ||||||
| City | KINCARDINE | ||||||
| State/Province | Ontario | ||||||
| Zip/Postal Code | N2Z 0E3 | ||||||
| Country | Canada | ||||||
| Business Phone Number | (519)396-5062 | ||||||
| Email Address | Send Email | ||||||
| Home Page | Home Page |
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