1505 - 1515 Avenue Van Horne Interested, more information please
- Residential units: 18
- Floors: 4 + basement
- Heating: Gas
- Hot water: None
- Land: 509 m² (5,483 ft²)
- Building size: 18.17 x 28.13 m (59.61 x 92.29 ft)
- Building floor area: 1,640 m² (17,652 ft²)
- Parking: None
- Year built: 1929
This building can be purchased individually or together with 825 Avenue De L’Épée. Bid date June 11, 2020 at 2pm.
Outremont multi-family assets are rarely available. Family-owned for over 30-years, offered together or individually, both these assets are character rich, dating back from the 1920’s and offer substantial opportunities to create efficiencies and rental increase. Large suites with an ideal unit mix of 4 ½ and 5 ½ units. This area of Montreal has some of the highest rents on the Island, with exceptionally low vacancy and an affluent renter base.
Located in the heart of Montreal and near numerous transit options, 1505 - 1515 Avenue Van Horne and 825 Avenue De L' Épée have a Walk Score1 of 92 & 76 respectively, indicating that tenants have little need for cars. Two of the three ground floor commercial units are rented to long term tenants, while the third space has received leasing interest but has been purposefully left vacant in light of this sale. The residential units are almost entirely leased, at rents substantially below market. A repositioning of the residential suites has the opportunity to nearly double gross revenue. Once this is accomplished, the buyer will pull out the entire initial down payment (see the financial pages).
This area of Outremont has seen strong population growth of 4.8% from 2014-2019, and has projected growth of 6.3% from 2019-2024, with a median age of just 35 and extremely high household average income of$119,8102. Market leading rents are being achieved in this sub-market, with low prevailing vacancy. Current rents are at least 60-90% below market (Baron Realty Rental Survey), offering excellent upside to the prospective purchaser.