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ASKING PRICE: $2,500,000.00
Across from Gage Park Park.
Needs work. Great potential.
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| 53 UNIT APARTMENT BLDG. |
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| 1276 KING ST. EAST AND 1083 MAIN ST. EAST |
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| |
POWER OF SALE |
|
|
| Purchase price |
$1,850,000 |
INVESTMENT |
SUMMARY |
| PRICE PER UNIT |
$ 34,905.66 |
VACANCY ALLOW. |
20% |
| UNIT MIX |
|
CASH DOWN |
$ 462,500 |
| 25 X 2 BRMS |
|
PERCENT DOWN |
25% |
| 17 X 1 BRMS |
|
CAP RATE |
8.80% |
| 7 X BACH. UNITS |
|
RETURN ON INVEST. |
17.19% |
| 2 X 3 BRMS |
|
AVERAGE RENT |
$ 742.72 |
| 1 X 2 1/2 BRMS |
|
THIS AVER. RENT INCLUDES PIZZA PIZZA LEASE |
| PIZZA PIZZA CALL CENTRE |
$3,987/MONTH |
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|
| REVENUE |
|
MONTHLY |
ANNUAL |
| RENTAL INCOME |
|
$39,364.25
|
$472,371.00 |
| VACANCY ALLOWANCE |
|
-$7,872.85
|
-$94,474.20 |
|
|
|
|
| LAUNDRY |
|
$625.00
|
7500.00 |
| STORAGE |
|
|
0.00 |
| |
|
$32,116.40
|
$385,396.80 |
| OPERATING EXPENSES (2008) |
|
|
|
| HYDRO/WATER/HEAT |
|
$5,000.00
|
$60,000.00 |
| INSURANCE |
|
$882.67
|
$10,592.00 |
| REALTY TAXES |
15% |
$5,993.67
|
$71,924.00
|
|
SUPER WAGES
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|
$1,550.00
|
$18,600.00
|
|
MANAGEMENT
|
|
$2,083.33
|
$25,000.00
|
|
HOT WATER RENTALS
|
|
$125.75
|
$1,509.00
|
| REPAIRS & MAINTENANCE(estimated) |
|
$2,916.67
|
$35,000.00
|
| TOTAL OPERATING EXPENSES |
$18,552.08
|
$222,625.00
|
| PERCENTAGE OF INCOME |
|
58% |
|
| NET OPERATING INCOME |
|
|
$162,771.80 |
| |
|
|
|
| FINANCING |
INTEREST RATE |
AMOUNT |
INTEREST CHARGES |
| TBA new first mtg. |
6% |
$ 1,387,500.00 |
$ 83,250.00 |
| VTB Second mtg. |
0% |
$ - |
$ - |
| TOTALS |
|
$ 1,387,500.00 |
$ 83,250.00 |
| CASHFLOW SUMMARY |
|
|
|
| PRINC. PYMT. |
|
|
$ - |
| CASHFLOW |
|
$ 6,626.82 |
$ 79,521.80 |
| RETURN ON INVESTMENT |
17.19% |
$ 6,626.82 |
$ 79,521.80 |
| less PIZZA PIZZA REVENUE |
$ (3,987.00) |
$ (47,844.00) |
| POTENTIAL CASHFLOW |
|
$ 2,639.82 |
$31,677.80 |
Treat as clear. Buyer to arrange own financing.
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