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Investment Opportunity Off-market 5-plex In Hamilton | Vtb Available

For Sale: Multifamily in Hamilton, ON

Frank Wang

Realtor

Listing Details

Description

5-Plex in Hamilton,ON POTENTIAL RENT INCOME • Unit 1: Fair Market Rent $1,500 • Unit 2: Fair Market Rent $1,250 • Unit 3: Fair Market Rent $1,250 • Unit 4: Fair Market Rent $1,250 • Unit 5: Fair Market Rent $1,500 Total Potential Annual Income: $81,000 **Note: These are potential rents with tenant turnover.** FINANCIALS/ Expenses: • Property Tax: $3,000 per annum • Utilities: $4,800 per annum (as per seller) • Insurance: $3,000 per annum • Total annual expenses approx: $8400 **Note: The above figures were provided to us by the seller, please do your own due diligence Comps & Projected ARV** There are no direct comps we were able to locate, however, ARV of renovated multi-families is an average of $300k+ per door. We believe this building to be worth $1.5M once units are turned over and renovated. Purchase Price: $1,110,000 (includes assignment fee) Closing Date: March 28, 2022 Due to Covid, we prefer sight-unseen offers. PROPERTY/ BUILDING FEATURES: • Legal nonconforming 5-Plex • Each unit has its own thermostat and electrical panel very convenient for tenants. • Window and roof updated the last 7 years. • Only cosmetic renos needed in each units (15k/unit) • Plumbing and Electrical - updated within the last 10 years. 2 - 1 Bed , 1 Bath units 3 - Bachelor units 3 Parking spots available. • Approximate 2,000 sqft. WHY YOU NEED TO BUY THIS? • Fully rented 5-plex. • Great investment opportunity in the downtown core of Hamilton. • Located near public transits, schools, hospitals, recreational centers and Jackson Square Shopping Mall. • All units are currently tenanted which is a good opportunity for Cash for Keys. • 10% VTB available for a 2 year term - 10% interest rate • Annual Current Rent Potential: $50,904 • Annual Projected Rent Potential: $81,000

Location & nearby

This listing is located in Hamilton, ON L8R 1E5