- Residential units: 38
- Floors: 3 + basement
- Asking price: $3,350,000.00
- Heating: Gas (owner paid)
- Hot water: Gas (owner paid)
- Land: 1,1881.30 m² (20,250.15 ft²)
- Building size: 22.27 x 31.12 m (73.06 x 102.09 ft)
- Building floor area: 670.85 m² (7,221.01 ft²)
- Parking: 40 indoor spaces
- Year built: 1969
Established and 100% tenanted multi-family building in an up and coming area of Dorval. Just South of Autoroute du Souvenir (HWY-20), a few minutes drive from Pierre-Elliott-Trudeau Airport, near the central Gare Lachine Train Station hub and University of Concordia. Just a 20-minute drive to Downtown Montreal. Walking-distance luxury condo projects are gentrifying this area.
The building offers tremendous upside in rents, with most units rented well below market. Average in place unit rents are only $579 / month, indicating strong upside potential. The average rents in place are: $478 for the 1.5, $611 for the 3.5, and $721 for the 4.5 units (heat & hot water paid by landlord with few exceptions). Our estimate shows rental upside potential of 14% over existing income. The building has an oversized, 40 stall indoor parking garage, which serves as an excellent additional revenue source.
Recent updates / renovations: high efficiency gas furnace system and high efficiency water tanks. Electricity break panels installed in each unit. UPVC windows. Balcony doors, fiberglass balcony floors. Most water shut off valves replaced. New Pex lines installed in 3 apartments. Counter tops replaced in approximately 30 apartments. Newer fridges and stoves in every unit. New washer and dryer in laundry room (coin operated). Elevator is fully functional but shut-off by current owner (nearby buildings do not offer an elevator).
This part of the city has seen steady population growth, estimated at 5.2% from 2012-2017 and has forecast growth of 4.3% from 2017-2022. The median population age is 43.6 years old. Strong household average income of $83,705 for 2017 (Source Tetrad, 3 Km radius).