Hey There, Im trying to figure out if this property im looking at is a good investment or a bad investment!
Here are some specs:
Lot size: 50 x 127 ft
Location: Excellent location
Fire retro fit: Complete
No. of Suites: 2 x 2 bedroom, 5 x 1 bedroom, 1 Bach. and 2 Commercial
Height: 3 storey
Construction: All brick
Balconies: none
Roof: Flat roof approx. 10 years
Windows Approx. 10 years old
Laundry Equip: 1 set , owned
Elevator: None
Parking: Outdoor for 7vehicles
Heated by: Natural gas, hot water boiler
Hot water tank: Commercial 60 gal. is owned, less than 3 years old
Included in rent: Heat and Water and Cable
Hydro Tenant pays own hydro
Appliances: 7 fridges and 7stoves belonging to building
Intercom: Yes
Comments:
Some very long term tenants
New chain link fence on south side
Entire hallway top to bottom was painted in 2007
New tiles in bath surrounds in all but 1 unit
Some rents below market
Some plumbing updated (automatic air bleeders installed in each unit for heating system)
All copper plumbing throughout building
Separate hydro meter for each unit (60 a services for each unit)
Now to the money, what everyones in the business for!
Offering Price: $639 000.00 CAD Cap rate: 5.63%
No. of units: 9 Price per unit: $71 000.00
Rental income Annually: 60,072.00
Laundry income : 1080.00
Garage rental income : 900.00
TOTAL: 62 052.00
Operating expences:
Gas Heat: $6 543
Hydro and water: 4 600
Realty Taxes: 12 182
Insurance: 1 224
Repairs: 1 500
Total Expences: $26 049
% of expences = 41.98%
Net operating Income: Month: $3 413 Year: $36 003
Thank you for any help.
Rents are rated below market value also.
Again Thanks
-Brian
