Description

The property consists of seven residential units, comprising 6 X 4½ apartments and 1 X 5½ apartment. Of the seven units, five have been extensively renovated, while the remaining two are in acceptable condition. The apartments offer spacious and functional layouts with well-proportioned rooms. The living areas benefit from a double-room configuration, contributing to the overall sense of space and flexibility within the units. The kitchens are large, functional eat-in kitchens, and each apartment benefits from in-suite washer and dryer facilities--a significant advantage that enhances the property's appeal to a strong tenant base.

The renovated units also feature large, updated bathrooms, further enhancing their overall quality and tenant appeal. The property is also well rented, providing the incoming purchaser with an established income stream that should help support the property's strong financing. There is no existing mortgage to be assumed. Despite the quality and size of the apartments, the property continues to offer meaningful rental upside. The current average rent is only $1,301 per month, which remains attractive for large 4½ and 5½ apartments with spacious layouts and in-suite laundry. This provides the next owner with an opportunity for continued rental growth over time. The demographic profile surrounding the property is particularly strong. As of 2025, the median age within a one-kilometre radius is 36.1 years, supporting a relatively young and active tenant base. According to Sitewise Tetrad projections, the average household income within a one-kilometre radius is expected to increase from $82,592 in 2025 to $118,537 by 2035, representing projected growth of approximately 44%, or 3.68% on an annunal basis from 2025 to 2035. This substantial projected increase in household income is an important long-term indicator for a multifamily investor, as stronger household incomes can support greater rental affordability and continued rent growth over time. MAJOR RENOVATIONS Both the hot and cold-water plumbing systems have been redone, while the electrical system has also been updated. Major masonry repairs and brick repointing were carried out in 2014, with supporting receipts available. The roof replaced in 2005 and is still in good condition In addition, five of the seven residential units have been completely renovated, as illustrated in the property photographs. N.B.: Please note that lenders will include certain normalized expenses, such as janitorial costs, property management fees, and other miscellaneous expenses. Consequently, the net operating income they will use for their financing analysis will be approximately $79,000. Please take this into consideration when calculating the required down payment and the potential loan amount.