|Heating:||Electric (tenant paid)|
|Hot water:||Electric (tenant paid)|
|Land:||786.90 m² (8,470.12 ft²)|
Ideally located in Côte-des-Neiges near Plamondon Metro, University of Montreal, HEC Montreal, Walmart, and The Triangle, and serviced by numerous bus routes.
Exceptional market rents are being achieved in this sub-market, with CMHC reporting only a 2.0% vacancy as of October 2018, and average rents 30% above current rent roll. The building’s average rent is $707, while CMHC reports that as of October 2018 these same units should average at least $917 on average. Electric, Water, and Heat are sub metered to each tenant (except for the one 2 ½ unit).
The roof was replaced in 2017 and has a 15-year warranty. The brickwork on front façade and back wall was repointed in 2018. Electric panels are breakers. Hot water tanks are owned. Only three units are in the basement, where the laundry room and workshop/storage room is also located. Drain has been replaced in the basement of 4400 Ave Barclay.
The immediate location has seen strong population growth of 3.7% from 2013-2018, and has projected population growth of 1.9% estimated from 2018-2023. This area of Côte-des-Neiges has a median age of 35.4 years old and strong household average income of $53,753.(Source Tetrad, 1 Km radius)
|Land:||5,756 m² (61,954 ft²)|
|Parking:||51 indoor, 54 outdoor|
With 106 units over three buildings and the same ownership since 1985, this asset offers an exceptional opportunity both in terms of its scale, and potential rental upside. Located on a park-like parcel of land in LaSalle, the buildings have received substantial Capital Expenditures over the years and present an ideal opportunity to greatly improve revenues through new management. Ample parking: 51 interior and 54 exterior stalls.
The buildings offer a unit mix composed of: 16 4½, 74 3½ (16 of which are extra large), 2 2½, and 14 1½ units, which aligns well with the rental demand in this area of the City. Review of the current rent roll (pg. 8) shows some 47% rental upside upon unit turnover (average unit rent is just $630 / month). The market rent for each unit type are as follows: 4½ units potential $950 (current average at building $699). 3½ (Extra Large) units potential $900 (current average at building $682). 3½ units potential $875 (current average at building $629).
Key capital improvements have been completed in recent years, including the replacement of 104 doors, 248 windws, 75 balconies, 75 bathrooms, 6 furnaces, 3 garage doors and 106 breaker panels. The roofs on all three buildings have been replaced, and the brick work repointed. The asphalt has been replaced along with the security system in each building.
Idyllically located just a short walk from Rene Levesque Park, along with numerous other smaller parks this location has an exceptional Bike Score of 93, and a strong Walk Score of 54. (Source Walkscore.com) The immediate location has also seen above normal population growth of 15.1% from 2013-2018, and has projected population growth of 14.5% estimated from 2018-2023. (Source Tetrad, 2 Km radius) In recent years there has been substantial development in LaSalle, with both rental and condo projects in the Borough. This has helped drive rents upward. Just a 10 minute walk, or 2 minute drive to Gare LaSalle. Near Collège Sainte-Anne, LaSalle City Hall, and a number of neighbourhood amenities. Bus numbers 495 and 110 service the buildings, however there is substantial parking on site. This area of LaSalle has a median age is 39.5 years old and strong household average income of $62,324. (Source Tetrad, 2 Km radius)