investment opportunity 30 unit townhouse project

INVESTMENT OPPORTUNITY
30 UNIT TOWNHOUSE PROJECT
357 MURRAY STREET, CORUNNA, ONTARIO
30 Unit Townhouse Project – 5 Blocks consisting of
8 – Two Bedroom Units, and 22 – Three Bedroom Units
Located in Corunna, Ontario (near Sarnia)
Low Occupancy – Improvements Needed
Asking Price: $2,000,000 ($66,667 per unit)
For Full Details Contact one of the following:
DALE BENSETTE, MBA
LOU LONGO or ROB LONGO, Brokers
Vice President / Broker
[email protected]
www.commercialsales.ca
Royal LePage Triland Realty,
[email protected] [email protected]
www.loulongo.com www.roblongo.ca
Magic Realty Inc., Brokerage
Bus: 519-332-6880 Fax: 519-332-6648
Web: www.magicrealty.com
Brokerage Independently Owned & Operated
Bus:
519.672.9881 Fax: 519.672.4498
Not intended to solicit any party under a relevant contract. The information above is derived from sources believed reliable; however, no warranties or representations are being made regarding such information
including the potential income, costs or profits associated with a property. Invested parties should consult a qualified professional for investment, financial or tax advice. All offices are independently owned and
operated, except those offices marked as “Royal LePage Real Estate Services Ltd” Royal LePage is a registered trade mark used under license 2012 Brookfield Real Estate Services Manager Limited
LOCATION:
This property is located in the quiet, small community of Corunna. Corunna is located along
the St. Clair River just south of Sarnia. The site is just a few blocks in and east of the river.
The immediate area consists of single family and other multi-tenant residential properties.
DESCRIPTION:
The 1.75 acre site is improved with 5 blocks of townhouses totalling 30 units. The units are
multi-level, bright, and spacious. The units are well-suited for families. Mortgagee has spent
approximately $300,000 in repairs over the past year.
PARKING:
There is ample on-site parking in front of each unit and in open parking areas.
UTILITIES:
Each unit has a gas-fired rental water heater. This heater provides both potable water, as well
as the water used for the baseboard heating. Some units have gross leases, which include
heating and electricity while other provide for the Tenant to pay for these services.
CONDO
POTENTIAL:
Other than the bulk water metering, the units are separately metered for gas and hydro. This
project is considered to be a good prospect for registration as condominiums with the view to
selling each unit.
NOTE:
There is one block of units at the back of the property that is currently uninhabitable. There is
a need to shore up a wall in the basement level of one or more units. Studies have revealed
that this is due to outside hydrostatic pressure.
FINANCING:
The mortgagee has taken possession and the property is being sold on an “as is, where is”
basis with no representations or warranties. A Power of Sale schedule is available and will be
required with all offers.
PRO-FORMA
INFO:
Gross Annual Rental Income
Annual Operating Expenses
$328,200
$189,000
Net Operating Income
$139,200
Note: All numbers are estimates.
PROPERTY
TAXES:
$52,916.49 (2016)
($1,764 per year per suite)
ASKING
PRICE:
$2,000,000
($66,667 per unit)
DALE BENSETTE, MBA
LOU LONGO or ROB LONGO, Brokers
Vice President / Broker
[email protected]
www.commercialsales.ca
Royal LePage Triland Realty,
[email protected] [email protected]
www.loulongo.com www.roblongo.ca
Magic Realty Inc., Brokerage
Bus: 519-332-6880 Fax: 519-332-6648
Web: www.magicrealty.com
Brokerage Independently Owned & Operated
Bus:
519.672.9881 Fax: 519.672.4498