Description

Kincardine 45 unit apartment building on 1.474 Ac site in the downtown core. The building has 25-2 bedroom apartments and 20-1 bedroom apartments. 5 commercial units on main floor on the west side of the building. There is ample parking for tenants, guests and businesses with 75 parking spaces on the two sides of the building. Built and owned by the same family since 1980, the interior and exterior have been maintained in excellent condition . All mechanical systems have been updated and modernised. Natural gas boiler and holding tank (rental) installed in 2021 to replace electric hot water tank. 400 sq.ft utility/meter room also doubles as a workshop. The windows and sliding doors to balconies have all been replaced. Roof scheduled to be replaced in spring of 2023. Building has been re-keyed in 2021 and the fire alarms updated . All kitchens and bathrooms have been renovated in the last few years. Individual hydro meters on all the apartments. The building is fully occupied by mature, long term tenants and has had a zero % vacancy for an extended period with a waiting list. Residents enjoy the on-site coin operated laundry with 3 washers and 4 dryers in a 400 sq.ft. facility with access ramp. A 736 sq.ft. furnished residents lounge is well used for recreation and gatherings. The rents are below current market prices, suggesting a good opportunity for increasing the cap rate from the current 4.25% suggested in a 2021 AACI appraisal. New incoming tenants are paying a 20% increase over current rates. Owner has preliminary plans for adding 3 units to the north end of building which were never approved or completed. Site could potentially accommodate up to 9 additional apartments. Arrangements to inspect apartments can be made following acceptance of an Agreement of Purchase and Sale. (id:11644)

Listing Contracted With: No Record