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Another sixplex for sale and this is worth the drive to Acton
We have listed another multi-residential property! This property is in Acton Ontario and has six units in it.
The asking price on the property is $589,800 which represents a cap rate of 7.65% based on actual numbers that I’ve compiled from the 2012 bills and current leases. This is a great deal and quiet possibly one of the best deals that I’ve seen in the past little while!
The property is over 100 year old Victorian that has been split up into six units with a mix of one bachelor, two one bedrooms and three two bedrooms. The size of the building is over 2500 square feet and the seller has owned, managed and maintained the building in house for over 25 years. The property has gone through some updates including all new tiling in all the apartments (except couple of places) which means this is a very low maintenance building. The new owners don’t have to worry about dirty carpets or flooring and tenants can keep the space clean much easier. There are new pressure treated stairs that have been professionally added to the building to provide access to upper units. The roof was replaced two years ago and is in good condition.
Each unit has it’s own electrical panel! This should read separate hydro meters to all investors ears. The owner currently pays for the heat and hydro for the building and the costs are incorporated in the financial review that I have completed. There are also five hot water tanks in the building which means there is ample hot water supply for all the units.
The owner has managed this building well and has additional costs incorporate with all leases for any tenant looking to have air conditioning installed in their units. This results in the owner being compensated for extra hydro consumption and doesn’t punish other tenants that opt to not have air conditioning in the summer.
Heating is provided by forced air system located in the basement.
The lot on the building is 50 feet by 150 feet deep and also has parking for 5 cars included. A small corner of the property might be considered a flood plan as there is a stream that runs by the property. You can discuss this with me in further detail after viewing the property.
This property will be coming to MLS by next week and all Agents will have access to the information through the system.
If you’d like more information, please feel free to fill out the form below and I can send you the form reviewed in the video as well a detailed package outlining additional information.
Investment Financial Review – Updated July 16, 2013
