5672-5678 avenue du Parc Interested, more information please
- Residential units: 4
- Floors: 3
- Asking price: $1,300,000.00
- Heating: Electric, paid by tenants
- Hot water: Electric, paid by tenants
- Land: 256.6 m² (2,762 ft²)
- Building size: 7.52 x 19.91 m (24.6 x 65.3 ft)
- Building floor area: 421 m² (4,531.6 ft²)
- Parking: 2 outdoor spaces
- Year built: 1910
Perfectly located in the MILE END, Plateau Mont-Royal, the densest borough on the island of Montreal with over 12,000 inhabitants per sq. km, 72% of whom are tenants. A walk from all the services - a 15 minute walk to Outremont Metro Station and general Walkscore of 98%. Highest concentration of 25-34 year olds, with most inhabitants having a collegiate level or above education.
Ideal investment for the care free investor who would rather “park” their money in an asset that runs itself. An ideal unit mix of 4 ½ and 3 ½ units. Retail tenant with a stable business that has been operating for years at this location, and four residential units, all paying their own heat and hot water. No common areas, no mechanical room, roof newer. The only expenses associated with this building are the property taxes and insurance, 50% of which are recuperated from the retail tenant.
Phenomenal rental increase opportunity for the residential tenants. Current average 3 ½ rented for $601 / month, the 4 ½ rented for$849 / month, which yields an approximate 47% rental increase potential. Owned and operated by the same ownership group since 2013.
This immediate area of Montreal has seen tremendous population growth of 4.8% from 2014-2019, and has projected growth of 5.0%from 2019-2024, with a median age of just 34.0 and an extremely high household income of $108,7032. Market leading rents are being achieved in this sub-market, with low prevailing vacancy and will continue to do so for many years to come.