Property Details

3 SPRING ST – PICTON 24-UNIT MULTI-FAMILY - ONTARIO

  • 3 SPRING ST - PICTON - 24 UNIT MULTI FAMILY APARTMENT BUILDING - INVESTMENT REAL ESTATE
  • 3 SPRING ST - PICTON - 24 UNIT MULTI FAMILY APARTMENT BUILDING - INVESTMENT REAL ESTATE
  • 3 SPRING ST - PICTON - 24 UNIT MULTI FAMILY APARTMENT BUILDING - INVESTMENT REAL ESTATE
  • 3 SPRING ST - PICTON - 24 UNIT MULTI FAMILY APARTMENT BUILDING - INVESTMENT REAL ESTATE
  • 3 SPRING ST - PICTON - 24 UNIT MULTI FAMILY APARTMENT BUILDING - INVESTMENT REAL ESTATE
  • 3 SPRING ST - PICTON - 24 UNIT MULTI FAMILY APARTMENT BUILDING - INVESTMENT REAL ESTATE
  • 3 SPRING ST - PICTON - 24 UNIT MULTI FAMILY APARTMENT BUILDING - INVESTMENT REAL ESTATE
  • 3 SPRING ST - PICTON - 24 UNIT MULTI FAMILY APARTMENT BUILDING - INVESTMENT REAL ESTATE
  • 3 SPRING ST - PICTON - 24 UNIT MULTI FAMILY APARTMENT BUILDING - INVESTMENT REAL ESTATE
  • 3 SPRING ST - PICTON - 24 UNIT MULTI FAMILY APARTMENT BUILDING - INVESTMENT REAL ESTATE
  • 3 SPRING ST - PICTON - 24 UNIT MULTI FAMILY APARTMENT BUILDING - INVESTMENT REAL ESTATE
  • 3 SPRING ST - PICTON - 24 UNIT MULTI FAMILY APARTMENT BUILDING - INVESTMENT REAL ESTATE
  • 3 SPRING ST - PICTON - 24 UNIT MULTI FAMILY APARTMENT BUILDING - INVESTMENT REAL ESTATE

For Sale $5,149,900  
Listing price:
$5,149,900
Units:
24 RES UNITS 
Unit Breakdown:
12 x 3bedroom, 11 x 2bedroom, 1 x 1bedroom
Year Built:
August 1, 2020  (estimated completion date)
Style:
3 STOREY WITH ELEVATOR
Garage/Parking:
30 OPEN PARKING SPOTS + VISITOR PARKING
Rents:
$32,895/MONTH  =  $394,740/YEAR                                     + LAUNDRY INCOME OF $800   =  $9,600/YEAR
Features:
ELEVATOR, HOT WATER HEATING, 24 HYDRO METERS, COIN LAUNDRY
 Lot Size:
100′ X 349′

PROPERTY DETAILS:

  • INCOME:
  • TOTAL RENT
    • $32, 895 / MONTH
    • $394,740 / YEAR
  • OTHER INCOME
    • LAUNDRY  =  $9,600/YEAR
  • TOTAL INCOME
    • $404,340 / YEAR
  • EXPENSES (PROJECTED):
    • PROPERTY TAX  –  $50,000 / YEAR
    • INSURANCE         –  $10,500 / YEAR
    • WATER & SEWER   –  $ 21,600 / YEAR
    • MANAGEMENT            – $15,000 / YEAR
    • HYDRO                           – $6,000 / YEAR
    • OTHER                           – $28,071 / YEAR
    • TOTAL                            – 131,171   YEAR
  • ESTIMATED NET OPERATING INCOME:
    • $273,169 / YEAR
    • CAP RATE :  5.3%
  • INCLUSIONS:
    • 24 FRIDGES
    • 24 STOVES
    • 24 HOOD FANS
    • 24 DISHWASHERS

ATTENTION REAL ESTATE INVESTORS!

BRAND NEW MULTI-UNIT APARTMENT BUILDING!  3 storey multi-family property.  BRAND NEW 24 UNIT built by a PREMIUM BUILDER with a successful portfolio!! Immediate CASH FLOW with an estimated 5.3% CAP RATE.   FULLY LEASED AND READY TO GO!

Conveniently located in the very desirable town of PICTON in the extremely beautiful Prince Edward County area (if you haven’t visited this place, you need to ASAP!).

24 modern units with a mix 1, 2, & 3 bedroom units. Efficient hot water boiler system. ERV’s (energy recovery) in each unit, 24 hydro meters (tenants pay in-unit hydro costs), ELEVATOR, 30 parking spots incl. visitor and disabled parking, 40-year fiberglass shingles. Each apartment equipped with a fridge, stove, & dishwasher.

Great management team in place & existing contract can be assumed.  Income generating Laundry facilities with coinamatic card operated machines. Located a short distance to grocery stores, shopping, & hospital. Income and expenses are estimated as the building is yet to be completed and operational. OWN THIS BRAND NEW ASSET TODAY!

Contact Chris today for more info on this excellent opportunity.

CHRIS STEEVES

Sales Representative. Residential & Commercial.
Capital Homes Realty
217 – 1419 Carling Ave, Ottawa, ON
Office: 613 744 0356

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WWW.CHRISSTEEVES.CA
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