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OVERVIEW
Beautiful semi-commercial building located at the corner of Sainte-Catherine Est and Aird Avenue. With 11 residential apartments and 2 commercial tenants. Very well maintained over the years with an extremely large basement that could add more income. The building is steps away from a Rona store + Metro groceries. Bus stops nearby + a 10 minute drive to Downtown Montreal.
Renovations over the last 10 years:
- Garage roof (2017)
- Entire update of App. 2+3 (2021)
- Heating system (2011)
- Water heating system (2013)
- Dental Clinic reno (2018) Front and inside Windows (2020)
- Windows for instrument repair shop (2021) renovated inside (2018)
- Windows for App. 3+5 (2021)
- Water meter installed (2016)
- 2 new fire hazard, metal exit doors (2017)
The environmental reports Phase 1 and 2 show that the property is clean. The documents will be provided with an accepted offer.
Contact us for more information!
INVESTMENT HIGHLIGHTS
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Gentrifying Neighborhood
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The opportunity to establish an immediate increase in revenues
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No immediate renovation required
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Phase 1 + 2 indicates no contamination
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Long term dentist tenant for stability
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No late payments by tenants
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Opportunity to add units in the basement
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Apartments divisions are 2 1/2 - 3 1/2 and 4 1/2
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Near Downtown Montreal (5 minute drive)
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Near all amenities
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A walk away from a large park, bus stop, metro, schools, grocery store
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Near the old port (5min drive)
PROPERTY DETAILS
Price $ 1,999,998
Number of Units 11+2
Price / Door $ 153,846
Property Type Semi-Commercial
Cap Rate 4.4 %
Year Built 1951
Building sqft 9 185 SQFT
Average rent/Unit $ 915.77
NOI $ 88,139
VIDEO
PHOTO GALLERY
11+2
UNITS
9 185
SQFT
1951
YEAR BUILT
MARKET SPOTLIGHT
APARTMENTS
The divisions throughout :
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2 1/2 (4)
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3 1/2 (4)
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4 1/2 (3)
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1 Dentist Tenant
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1 Instrument Repair Shop
RENTAL VALUE
The current average rental values for the apartments are 596.25$ (2 1/2) , 781.25$ (3 1/2) and 891.67$ (4 1/2). There is a room to increase all units by updating them to a modern style rental unit and the demand has been very promising concerning future rent increases.
Once renovated, the average rents increases easily to 750$ (2 1/2), 1 000$ (3 1/2) and 1 000$ (4 1/2). So far, 3 apartments have been updated as well as the 2 commercial tenants.
LOCATION ADVANTAGE
Located in the neighborhood of Mercier / Hochelaga of Montreal, this property is in proximity to the downtown core with easy access to the surrounding amenities. As the city is becoming more and more of a global economic landscape, the expansion of residential demand is increasing on a yearly basis. Every town around the core of Montreal is gaining big value, including Mercier / Hochelaga's high rental population.
GEOGRAPHIC MAP
CONTACT US
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We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. The Purchaser and his team should conduct their own investigation of the property and transaction.