RR2, PO Box 174, Victoria Harbour, ON, L0K 2A0
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38 plex with 6 commercial units on hwy 55 in Sudbury
Good upside, location allows for 6 good commercial tenants ie. Canada Trust, Thrift car rental, Baskin Robins, Pizza Pizza etc.
High traffic area, highway 55. C2 commercial zoning. List of permitted commercial uses available. Lot size 0.9 acre.
Sudbury has 2% vacancy, average rents are 1 bedrooms $800, 2 bedrooms $850 per month.
Currently all units are vacant, building is ready for renovations.
PROJECTED income and expenses:
28 one bedroom apartments $18,620
2 two bedrooms apartments $1,590
2 bachelors $1,190
5 commercial units $7,500
Laundry $730
Total income $29,630 per month or $355,560 per year
Expenses:
Gas $23,401
Hydro and water $32,565
Taxes $30,905
Insurance $3,254
Maintenance $15,000
Superintendent $15,000
Total expenses $121,015
Total PROJECTED net income $234,545
The building is valued at $30k per unit in current condition and at $65k per unit once renovated and fully rented.
List of comparable properties and Sudbury rental market report from CMHC is available.
Property taxes $30,905. Asking price $1,095,000 negotiable
Seller can hold 1st or 2nd mortgage with 15% cash down.