| Message Number | 400242 | ||||||||
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| status | Active | ||||||||
| Subject Line | Kitchener , $9.950,000. 39 Unit Rental Building for Sale. Over $400k NOI. Brand New/Fully Renovated. MLS. Bid Process. Offers Due Aug 12 | ||||||||
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| Location, City | Kitchener | ||||||||
| Have/Want | Have | ||||||||
| Business category | Apartment buildings/multi unit/condo townhouse projects/investments | ||||||||
| Date of Listing | August 5 2021 | ||||||||
| Type Description | 2 buildings, same parcel of land. 21 Unit and 18 stacked Rental buildings for sale | ||||||||
| Price | $9,950,000.00 | ||||||||
| Price Comment | Bid Process - Offers to be considered Aug 12, @4pm | ||||||||
| Size | 0.86 Acres | ||||||||
| Building area | 30000 | ||||||||
| Zoning | r6 | ||||||||
| Gross Income | 637000 | ||||||||
| Expenses | 160000 | ||||||||
| Net Income | 465000 | ||||||||
| Cap Rate | 4.5% | ||||||||
| Comments | BRAND NEW 18 Stacked Rental Units - in drywall stages. + Fully Rented and Renovated 20 unit building + 1 Units to be permitted in existing building. The existing 20 Unit building is fully rented and continues to have a strong tenant profile.
There are 7-3 Bed, 8-2 Bed, 5-1 Bed. 19/20 units have been fully renovated in 2015: Gas Fireplace for Heat, Stainless Appliances, New Kitchens, Ceramic Bathrooms with new Vanity and Soaker Tub and Laminate Flooring Throughout along with separated hydro, water and gas for each of the 19/20 units. Majority of these units are at market rent. Currently under construction is 13,000 SF out of the total 30,000 Square feet Rentable. These 18 Stacked brand new Units will be ready to be rented in the next 3 weeks. The existing building facade, hardscaping, and all other site plan approved features will be completed along with occupancy permit prior to closing. Leasing on the newly built units can either be the responsibility of the purchaser or vendor. |
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| Internet Links | |||||||||
| Member Identifier | 10649 | ||||||||
| Client Details | Builder/Developer | ||||||||
| Client Will | -- NONE -- | ||||||||
| Name | Eric Frey, BCOM | ||||||||
| Title | Commercial Sales - Multi-Family, Land | ||||||||
| Company Name | Coldwell Banker Peter Benninger Realty, Brokerage | ||||||||
| Address Line One | 508 Riverbend Drive | ||||||||
| City | Kitchener | ||||||||
| State/Province | Ontario | ||||||||
| Zip/Postal Code | N2K 3S2 | ||||||||
| Country | Canada | ||||||||
| Business Phone Number | (519)743-5211x3118 | ||||||||
| Email Address | Send Email | ||||||||
| Home Page | Home Page |
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