Rare opportunity to acquire 18-unit residential property in Little Italy, within Montréal’s Rosemont–La Petite-Patrie borough. Comprising three attached sixplexes, the property offers 18 3 1/2 apartments and is being offered for sale for the first time in over 40 years. Six units have been renovated. Current average rents are $1,055 per month per unit, meanwhile the renovated units are rented at over 1400$/month. Utilities paid by the tenants. The location is within walking distance to Beaubien metro station, the famous Jean-Talon market, trendy coffee shops, restaurants and all essential services and amenities.
The building has high rental demand, and rental average is 1,055$/month while the higher units are rented for over 1400$/month
Walk score of 89 and Bike score of 100 allowing most errands to be done by foot and bike.
6 units have been renovated
Current insurance is significantly higher than the market average.
Easy to manage with very few common areas and expenses
6 units
Wooden steps in front including one staircase completely replaced
Back balconies
This sale is made without legal warranty of quality, at the buyer’s risk.
Current insurance is significantly higher than the market average. Possibility of optimizing this expense.
| Cadastral number | 2334732, 2334733, 2334734 |
| Number of Storeys | 3 |
| Year of Construction | 1910 |
| Fire System | No |
| Type of Parking | Street |
| Number of Parking Spaces | None |
| Laundry Room | No |
| Number of Units | 18 x 3.5 |
| Washer/Dryer Inlet | Yes in units |
| Appliance Responsibility | To ber verified on leases | Mainly tenants |
| Heating Responsibility | Tenants |
| Hot Water Responsibility | Tenants |
| There are 3 properties being sold together, the addresses are as follows: -6370 - 6380, De Gaspé Avenue, Montreal, Quebec H2S 2X7 -6382 - 6392, De Gaspé Avenue, Montreal, Quebec H2S 2X7 -6394 - 6404, De Gaspé Avenue, Montreal, Quebec H2S 2X7 | |
| Internet and Telecom | No |
| Plumbing | To be verified |
| Condition of Roof | To be verified | tar and gravel roof |
| Condition of Doors | Good condition |
| Condition of Balconies | Good and medium condition |
| Concierge Agreement | N/A |
| Intercom and Doorbell | Doorbell |
| Heating System | Baseboard heaters |
| Hot Water System | Independent hot water tanks |
| Condition of Windows | Good condition |
| Condition of Kitchens | 6 renovated |
| Electrical Panels | Breaker panels |
| Exterior Siding | Brick |
| Condition of Bathrooms | 6 renovated |
| Environmental Report | No |
| Floor Covering | Hardwood, floating, vinyl, ceramic |
| yearly | % / GR | RPU (m) | |
|---|---|---|---|
| Residential | $228,876 | 100 % | $1,060 |
| Affordable res. | |||
| Commercial | |||
| Lockers | |||
| Parking | |||
| Laundry | |||
| Total revenues | $228,876 | $1,060 | |
| Vac. / Bad debt | $6,866 | 3 % | $32 |
| EGR | $222,010 | $1,028 | |
| Calc. | yearly | % OF EGR | CPU (y) | |
|---|---|---|---|---|
| Administration | Normalised | $10,038 | 4.5 % | $558 |
| Municipal Taxes | Current | $16,777 | 7.6 % | $932 |
| School Taxes | Current | $1,951 | 0.9 % | $108 |
| Insurance | Current | $25,314 | 11.4 % | $1,406 |
| Electricity | ||||
| Heating | ||||
| Snow Removal | ||||
| Elevator | ||||
| Lawn | ||||
| Structural reserve | ||||
| Janitor | Normalised | $4,500 | 2 % | $250 |
| Maintenance | Normalised | $12,600 | 5.7 % | $700 |
| Appliances | ||||
| WiFi | ||||
| Heat pump | ||||
| CHMC: Other Costs | Normalised | $2,231 | 1 % | $124 |
| Total expenses | $73,410 | 33.1 % | $4,078 | |
| Net Revenue | $148,600 | $8,256 |
| Maximum loan amount | $2,003,204 | $2,706,838 | $2,832,317 | $2,935,254 |
| Financing CAP | 6.31 % | 4.67 % | 4.98 % | 4.81 % |
| Debt coverage ratio | 1.3 | 1.1 | 1.1 | 1.1 |
| Interest Rate | 4.0 % | 4.0 % | 4.0 % | 4.0 % |
| Amortization | 30 Years | 40 Years | 45 Years | 50 Years |
| Term | 5 Years | 5 Years | 5 Years | 5 Years |
| Net Revenue | $148,600 | $148,600 | $148,600 | $148,600 |
| Annual Mortgage Cost | $120,863 | $142,642 | $142,946 | $142,212 |
| Net cash after mortgage | $27,737 | $5,958 | $5,653 | $6,387 |
| RETURN ON INVESTMENT | ||||
| Down Payment | $1,691,796 | $988,162 | $862,683 | $759,746 |
| Cash on cash return | 1.6 % | 0.6 % | 0.7 % | 0.8 % |
| Return on liquidity + capitalization | 3.9 % | 3.6 % | 3.5 % | 3.5 % |
| Total yearly return with appreciation of 2 % | 8.23 % | 11.1 % | 12.06 % | 13.2 % |
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