Ottawa 12-Unit Apartment Building with Commercial space as well in quickly emerging Beechwood Village! –SOLD–
Great Ottawa Investment Property – located in former Vanier, 1 block from New Edinburgh and Rockcliffe. 12 apartment units in this very well-kept apartment building, with Commercial retail and office space! Just $995,000. Located in one of Ottawa’s fastest changing areas! Sold!
Great investment in up and coming changing area of Beechwood and Vanier neighbourhood. Just one block off Beechwood Avenue across from Rockcliffe and New Edinburgh. Lots of newer retail development nearby, restaurants, the famous Works, Bridgehead Coffee, etc. 5 large 2 bedroom units and 7 – 1 bedrooms. Large commercial store currently vacant, and a small office space that can be separated. Was previously grocery and then an art gallery. Many units have been updated as newer tenants enter.
Building is very well kept and managed. Tenants pay all hydro. Beautiful private rear patio with interlock terrace and garden with barbecue for tenants to enjoy. Bright and open coin operated laundry room. Lots of updates and fire retrofitted. Approx $133,700 gross and $83,600 net. Assumable 1st mortgage of $730,000 at only 5.86% until Aug 2011(approx $4,621/month; remaining balance approximately $708,000 at 2008/Mar).
Recent renovations and improvements:
$5,000 additional hot water tank to increase capacity.
$11,000 new chimney.
$30,000 renovations to commercial area and basement, including new separate hydro meter for this area.
New carpet throughout common areas.
Painted all common areas.
Garden and landscaping barbecue patio area
Renovations in several apts as they come up for rent with new tenants.
NOTE: Some minor maintenance on roof required in near future, contractors quote of $4995 + GST on file.
Rents run $600 to $800 per apt. (reakdown supplied upon offer to purchase).
Commercial was rented for $1,950 per month plus some additional common costs paid of approx $588 per month on top.
Approx.$133,700 p/year includes $2,900 laundry, $7,000 additional commercial income and $23,400 commercial rent from previous comm. tenant.
Management fee 5% of apartment & 3% of commercial rents collected
Cleaning $1,800 p/year
Water $4,544 p/year
Hydro $1,351 p/year common areas
Gas $13,409 boiler
Insurance $4,152 (Insured for replacement of 1.678 million).
NOTE: Recent bank appraisal of approx $975,000 and current super mortgage of $730,000 @ only 5.86% due 2011, payments of $4,621 p/m. with Caisse Pop. (remaining balance approximately $708,000 at 2008.Mar).
NOTE: All information supplied by Seller and not warranted by listing agents.
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