Looking for a cash-flowing property that meets the 1% rule? Consider how the cash flow could improve as interest rates decline. This turnkey 13-unit residential complex sits on a 1 acre lot and includes a newly renovated 3-bedroom stand-alone home, along with a 12-unit main building rezoned in 2022. The main building features 11 bachelor units and one, 1-bedroom unit. Gross rents total $137,452, with expenses for property management, vacancy, and maintenance estimated at $53079, resulting in a net income before mortgage of $78,875. Currently, 7 of the units are at or near market rent, offering the new owner potential for increased returns as the remaining 5 tenants transition.\r\nSupporting documents include new shingles with ice guard (2023), a site plan control showing all buildings and parking, water testing and well reports, zoning confirmations, a 2014 fire retrofit, and a detailed income and expenses report. The 3-bedroom house has received occupancy permits following fire remediation and renovations, all completed to current code, including electrical, gas furnace, framing, and drywall. The property also includes 5 older septic systems and a drilled well with engineering reports meeting MOE guidelines. (id:56069)
| MLS® Number | X11912692 |
| Property Type | Business |
| Community Name | College Heights |
| Amenities Near By | Hospital |
| Features | Lighting, Laundry- Coin Operated |
| Parking Space Total | 18 |
| Amenities | Separate Heating Controls |
| Appliances | Dryer, Refrigerator, Stove, Washer |
| Exterior Finish | Vinyl Siding |
| Foundation Type | Slab, Block |
| Heating Fuel | Natural Gas |
| Heating Type | Forced Air |
| Size Interior | 5,093 Ft2 |
| Acreage | No |
| Land Amenities | Hospital |
| Sewer | Septic System |
| Size Frontage | 210 Ft |
| Size Irregular | Unit=210 X 210 Acre |
| Size Total Text | Unit=210 X 210 Acre|1/2 - 1.99 Acres |
| Zoning Description | Rc Sp.22 With Spc |
Contact us for more information
Mike Burman
Broker of Record
(705) 478-8588
Josee Laperle
Salesperson
(705) 478-8588
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