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Offered at: $2,600,000.00
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Current Leverage:
$2,234,825 @ 5.22% 10-Yr Term Amortized 25-Yrs Maturity October 2016.
Bestco Construction Corp. reports having invested $1,400,000 over and above the mortgage.
Site History:
The property was built and delivered by Bestco Construction Corp. in November 2005
Bestco Construction Corp. took ownership of the property in November 2009.
Subject Site & Security
The Municipal Address 415 Chestnut St. Dunnville, Ontario.
The Legal description is Registered Plan 69 Town of Dunnville Reference Plan 18R-281
The lot size is.528 Acres, 247' frontage on Chestnut St. and 114' frontage on Cayuga St.
The property is 100% leased; typical tenants are ambulatory seniors.
Real Estate includes adjacent vacant building (The Bunker), capable of 10 more units plus approximate 3000 SF of potential commercial space… collectively valued at $750,000.
There are no reported environmental issues. The site was formerly a dairy plant.
The Town of Dunnville:
Dunnville is a picturesque community of 13,000 people located along the Grand River. It is approximately 50 kilometres from Hamilton, St. Catharines, Port Dover and the U.S. border. The town was first settled in 1825 due to its natural beauty. The slow Grand River meanders through fertile marshlands and meets the shores of Lake Erie. Dunnville is a natural harbour 5 Kilometres from Lake Erie. In 1827 it was decided this was an ideal location to build a Feeder for the Welland Canal. The Grand became a vital link between Lake Erie and Brantford. Lake vessels would off load at Dunnville and barges would journey the winding miles up river to Brantford. Since that time the area has become a recreational destination with its proximity to Lake Erie. Other attractions include Rock Point Provincial Park, Byng Island Conservation Area and Port Maitland's new pier.
Excellent Location and Condition
Near St. Joes Hospital and next to Go Station
PARKING FOR 7 VEHICLES
Investment Profile:
- Lot Size: 90 ft x 147.9 ft
- Location: South West, near Go and St. Joes Hospital
- Fire retro fit: Complete
- No. of Suites: 6 x 1 bedroom, 8 Bach, and 15 x Studio apartments
- Height: 3 storey
- Construction: All brick
- Balconies: none
- Roof: Flat roof approximately 20 years
- Windows: Original
- Laundry Equipment: 1 washer, 1 dryer
- Elevator: none
- Closest street: James St. South
- Parking: Outdoor for 15 vehicles
- Plumbing: All copper plumbing througout building
- Heated by: Natural gas, hot water boiler age 20 years
- Hot water tank: Owned - 2 years old
- Included in rent: Heat and water
- Hydro: Tenants pays own hydro
- Appliances: 29 fridges and 29 stoves belonging to the building
- Intercom: yes
Comments:
Capital Improvements: Hallways tiled and most units have upgraded bathrooms, entrance ways. All units have hardwood floors, most refinished.
- Some very long term tenants
- Some rents below market
- Separate hydro meter for each unit (60 Amp service for each unit)
Financing:
Treat as clear.
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