- Residential units: 24
- Floors: 3
- Asking price: $2,975,000.00
- Heating: Electric (tenant paid)
- Hot water: Electric (tenant paid)
- Land: 591.90 m² (6,371.15 ft²)
- Building size: 28.22 x 18.94 m (92.59 x 62.14 ft)
- Building floor area: 0 m² (0 ft²)
- Parking: None
- Year built: 1917
Ideally located in Ville-Marie just a block from Beaudry Subway Station, this classic asset features generous suite sizes, beautiful unit layouts, no basement suites, and 10-foot ceilings. The same ownership group has held the property for over 20 years and have maintained it well.
Substantial rental upside to be realized upon unit turnover: review of the current pro forma with in-place rents and expenses, versus the potential rents and expenses for the building, indicate some 73% upside in the NOI possible. Units on average rent for just $629, while our estimate of market rents are at least $875. Electric, Water, and Heat are sub metered to each tenant. The insurance bill exceeds market rates, offering an immediate opportunity to reduce expenses by obtaining a new policy. Electric panels are breakers. The crawl space has ample height for maintenance (approximately 68-inch clearance). The hot water tanks are located in this crawl space.
This location has a nearly perfect Walk Score of 98. (Source Walkscore.com) Just one block (a 2-minute walk) to Beaudry Station. Numerous bus routes also service the building. The immediate location has seen above normal population growth of 5.9% from 2013-2018 and has projected population growth of 5.9% estimated from 2018-2023. This area of Ville-Marie has a median age is 37.8 years old and strong household average income of $63,280. (Source Tetrad, 1 Km radius.)