514-932-9000 | 416-637-6007
Income Property Real Estate Agency
  • Residential units: 36
  • Floors: 3
  • Asking price: $5,250,000.00
  • Heating: Electric (tenant paid)
  • Hot water: Electric (tenant paid)
  • Land: 2,949.20 m² (31,744.92 ft²)
  • Building size: 75.84 x 15.24 m (248.81 x 50.00 ft)
  • Building floor area: 3,522.30 m² (37,913.72 ft²)
  • Parking: 4 outdoor spaces
  • Year built: 1953

Exceptional asset in Saint-Laurent offering an ideal unit mix of 32 units of 5.5, and 4 units of 4.5. Highly accessible location. 10 minute walk to Du College Metro Station. A walk to CEGEP de Saint-Laurent, and Vanier College. Bus numbers 124 and 128 stop in front of the building, with direct access to Du College, Cote Vertu, Plamondon, Cote Sainte Catherine, Vendome Metros (the Super Hospital Glen site). Excellent loan in place: rate of 2.22%, 30 year amortization expiring in 04/2020 (details on p.5).

Four exterior parking stalls are available. Three are provided to tenants, one is currently used by the owner. Renting these separately offers an additional income source. 90% of units have a hookup for in-suite laundry and dryer, attracting a more affluent tenant base. Suites have numerous large windows (extremely bright) as all are corner units which receive exceptional sunlight exposure. 67% of the units have the bathrooms renovated in the last three years. The rest offer additional upside in rents (such suites are renting for $57 more per month on average, for 5.5’s). There is additional upside potential in updating kitchens, which are dated but in proper and clean condition.

Key improvements have been completed in recent years. 28 of 36 hot water tanks have been replaced (40 gallons). All roofs were replaced in 2013 (receipt & warranty available). All units have 100 amp electric breakers. The vinyl façade of 160 Carre Benoit was changed. Four entrance doors were changed. Flooring is hardwood on floors two and three, the ground floor units are ceramic flooring for all except for one unit which is floating/vinyl flooring. Ceramic flooring in baths and kitchens.

This building offers clear rental upside upon unit turnover. Currently, the average unit rent is just $813 / month indicating potentially over 17% gross rental upside. This area of Saint-Laurent has seen steady population growth, estimated at 3.0% from 2013-2018 and has forecast growth of 2.7% from 2018-2023. The median age is 43.7 years old. Exceptional household average income of $114,182. (Source Tetrad, 1 Km radius)

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