This 8-unit building consists of 7 x 3.5 and 1 x 1.5 units, 4 of which have been completely renovated and some are on 2 floors! It was built in 1984 and is located a short walk from downtown Magog. Heating and hot water are electric, and the costs are covered by the owner for 2 units. Ideal for APH Select energy efficiency financing! (see scenario on the sheet)!
Located near the lake and all the services offered on Main Street.
The building is within walking distance of Magog Hospital.
It offers great potential for optimization of the unrenovated units.
The well-divided units make for easy and efficient rentals.
Roof : 2021
Balconies partially renovated : 2022
Complete renovation of 4 units out of 8 : 2022–2023
Fire protection system : 2023
Water and electrical systems upgraded, internet and some independent tanks : 2022
Contract with Cogeco and Wifi Plex for internet service.
A total of 20 appliances are provided and included in the leases for four units.
The sale is made without any legal guarantee of quality, at the buyer's own risk.
File at the TAL for non payment unit #2
| Cadastral number | 3 142 830 |
| Total Municipal Assessment | 658 800 $ |
| Municipal Land Assessment | 98 000 $ |
| Municipal Building Assessment | 560 800 $ |
| Number of Storeys | 2 |
| Type of Building | Detached |
| Type of Construction | Brick and wood |
| Outdoor sheds | |
| Fire System | Yes - Up to date |
| Type of Parking | Outside |
| Number of Parking Spaces | 7 |
| Land Surface Area | 5,805 sq. ft. |
| Laundry Room | N/A |
| Number of Rooms | 22 |
| Number of Units | 7 x 3.5 and 1 x 1.5 |
| Washer/Dryer Inlet | Yes |
| Appliance Responsibility | Tenants: 4, Owner: 4 |
| Heating Responsibility | Tenants: 6, Owner: 2 |
| Hot Water Responsibility | Tenants: 6, Owner: 2 |
| Fenced | At the rear |
| Internet and Telecom | Internet |
| Plumbing | Copper / ABS / PEX |
| Condition of Roof | Asphalt shingles - Good condition | 2021 |
| Condition of Doors | Good condition |
| Condition of Balconies | Wood, partially renovated 2022 |
| Concierge Agreement | Yes, verbal agreement #5: 1 free month/year (Manual snow removal and garbage collection) |
| Intercom and Doorbell | No |
| Heating System | Electric baseboard heaters |
| Hot Water System | Independent tanks - 2018, 2021 |
| Condition of Windows | Windows to be replaced |
| Condition of Kitchens | 4/8 renovated |
| Electrical Panels | Circuit breakers |
| Exterior Siding | Vinyl |
| Condition of Bathrooms | 4/8 renovated |
| Environmental Report | Yes - Phase 1 (July 2022 and 2013) |
| Floor Covering | Vinyl, floating - To be verified |
| yearly | % / GR | RPU (m) | |
|---|---|---|---|
| Residential | $94,548 | 100 % | $985 |
| Affordable res. | |||
| Commercial | |||
| Lockers | |||
| Parking | |||
| Laundry | |||
| Total revenues | $94,548 | $985 | |
| Vac. / Bad debt | $2,836 | 3 % | $30 |
| EGR | $91,712 | $955 | |
| Calc. | yearly | % OF EGR | CPU (y) | |
|---|---|---|---|---|
| Administration | Normalised | $4,127 | 4.5 % | $516 |
| Municipal Taxes | Estimated | $10,087 | 11 % | $1,261 |
| School Taxes | Current | $420 | 0.5 % | $53 |
| Insurance | Current | $1,948 | 2.1 % | $244 |
| Electricity | Current | $2,430 | 2.6 % | $304 |
| Heating | ||||
| Snow Removal | ||||
| Elevator | ||||
| Lawn | Current | |||
| Structural reserve | ||||
| Janitor | Normalised | $2,000 | 2.2 % | $250 |
| Maintenance | Normalised | $5,600 | 6.1 % | $700 |
| Appliances | ||||
| WiFi | Current | $1,448 | 1.6 % | $181 |
| Heat pump | ||||
| CHMC: Other Costs | Normalised | $917 | 1 % | $115 |
| Total expenses | $28,978 | 31.6 % | $3,622 | |
| Net Revenue | $62,734 | $7,842 |
| schl | conv | |
|---|---|---|
| Maximum loan amount | $1,078,622 | $729,768 |
| Financing CAP | 4.94 % | 6.45 % |
| Debt coverage ratio | 1.1 | 1.25 |
| Interest Rate | 4.4 % | 4.85 % |
| Amortization | 40 Years | 25 Years |
| Term | 5 Years | 5 Years |
| schl | conv | |
|---|---|---|
| Net Revenue | $62,734 | $62,734 |
| Annual Mortgage Cost | $60,573 | $50,187 |
| Net cash after mortgage | $2,161 | $12,547 |
| RETURN ON INVESTMENT | ||
| Down Payment | $246,378 | $595,232 |
| Cash on cash return | 0.9 % | 2.1 % |
| Return on liquidity + capitalization | 5.3 % | 4.7 % |
| Total yearly return with appreciation of 2 % | 16.03 % | 9.16 % |
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