This presents an incredible opportunity for an asset situated between the Jewish General and CHU Sainte-Justine hospitals, within a short walking distance of Metro Cote-Des-Neiges, HEC Montreal, and the University of Montreal, as well as College Jean de Brebeuf. According to the Baron Realty Rental Survey, there is a potential 53% increase in rental income.
The renter demographic at this location has an exceptionally low median age of 33.3, resulting in high turnover, which further contributes to the potential for increased rental income. (Note 1)
There is also an immediate opportunity to enhance the net operating income through the upgrade of the existing furnace (the property currently has an old furnace on the premises). Moreover, there is a strong likelihood that this property qualifies for the CMHC MLI Select Energy program (*).
Built in 1951 and under the ownership and management of the same owner since 1990, this property boasts character, stability, and reliability.
It is strategically located in the heart of the borough with the highest population density on the island. Additionally, the property offers spacious suites with a predominantly 4 ½ unit configuration (the units are very large and can easily be converted into 5 1/2 units if required (**). Each floor has over 4,000 square feet, with 4 apartments per floor and 2 apartments in the basement.
Côte-des-Neiges enjoys an exceptionally high population density and remarkably low vacancy rates. Tenants have convenient access to public transit, eliminating the need for cars. The property also provides easy access to major routes, numerous restaurants, grocery stores, parks, and schools, earning a high Walk Score of 86.
Please note that (*) qualification for the CMHC MLI Select Energy program must be confirmed with CMHC, and (**) unit conversion requires approval from the City of Montreal, with no guaranteed approval.