Ideally located in Côte-des-Neiges near the University of Montreal, HEC Montreal and multiple metro stations, this asset offers the potential of a young & affluent demographic of renters.
Exceptional market rents are being achieved in this sub-market, with CMHC reporting only a 2.0% vacancy as of October 2018 and Baron Realty’s rental survey indicating at least 19% rental upside. Electric heating, paid by tenant.
The following work has been completed on the building in recent years: front entrance (ceramic flooring) & building façade repair, updates to balconies and soffits (including balcony doors), windows, landscaping, electric entrance & intercom install, upgraded electrical, electric breaker panels, hot water tanks (~10 years ago), general plumbing repairs, bathroom updates, updated laundry room, general apartment renovations (sanding floors, paint, light fixtures), treatment of window lintels, updates to emergency exit in the rear of the building, and roof change (warranty expiry: in June 2019).
The immediate location has seen strong population growth of 3.1% from 2014-2019, and has a phenomenal projected population growth of 5.1% estimated from 2019-2024. This area of Côte-des-Neiges has a median age of 35.8 years old and excellent household average income of $84,238.(Source Tetrad, 1 Km radius) The Property has a walk score of 86 meaning most tenants may opt out of car ownership.