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Office Listing

Pat Gray, Real Estate Agent


Remarks

Solid, well-maintained, quiet, brick/concrete apartment building (5214 sf of total living space) containing four large (715 sf) two bedroom units and two large (709 sf) one bedroom apartments. Income over $50,000 annually with potential to update rents to reflect market rates. The building is centrally located near the 406 Hwy and is only 5 minutes to the new General Electric turbine plant under construction. Contented tenants, many long-term but on month to month rental. One vacancy only due to the owner presently utilizing one single bedroom unit for his own storage. The two bedroom apartments have 4' x 10' balconies off the Living Room. The building has electric radiant heating in the ceilings with individual thermostats in each unit. Domestic hot water is supplied via one 75 gallon, gas fired, owned, high efficiency hot water tank. Building has fire certification, fire extinguishers on each floor, fire doors. Presently the utilities are paid by the Landlord but individual metering has been professionally evaluated and is possible. Updates include vinyl windows (2002), Roof (2003) and Balconies (2007), re-painted some units recently updated. Great investment property in a growth market with plenty of opportunity to maximize return beyond current levels. Very little Tenant turnover. Present Landlord has owned the building since 1986 and wishes to retire.


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