647-578-9098 905-568-2121
27
$2,950,000 Sale
Listed 1 day
608-618 LORNE AVENUE
· 22
· 11.0
· 15
· 5000 - 100000
Key Facts
Key facts for 608-618 LORNE AVENUE
Property Type
Apartment, Raised bungalow
Parking
Garage: No, 15 parking
MLS #
X14103574
Size
5000 - 100000 sqft
Basement
None
Listed on
-
Lot size
-
Tax
-
Days on Market
-
Year Built
-
Maintenance Fee
-
Description
This 11-unit residential purpose-built comples delivers immediate cash flow and stands out as a turnkey investment opportunity with strong cash flow and significant principal recapture after mortgage payments. Located on a quiet street just off Algonquin Ave., the property consists entirely of eleve...n 2-bedromm units that have undergone major renovations, including comprehensive updates to all kitchens, bathrooms, flooring, trim, lighting, paint, and more. From a financail perspective, the asset generates a gross rental invome of $273,436 with estimated operating expenses of $80,979 (inclusive of management, vacancy, and maintenance), resulting in a solid net income before financing of $192,457 and a highly competitive 6.52% cap rate. Features include hot water boiler system, secure security doors, and 15 dedicated spaces, while the utility framework structures all rents plus hydro. Adding to it's long-term tenant appeal, the building is situated within easy walking distance of local shopping, neighborhood restaurants, and the main bus route on Algonquin Ave itself. Please note that the listing photos provided were taken previous to the tenants moving into the units. (id:10452)
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Listing courtesy of: REALTY EXECUTIVES Local Group Inc. Brokerage
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