$1,995,000 FOR SALE

Investment

Lot: 161.7 x 552 ftTotal Area: 13,028 ft2
2022 Taxes: $29,252Maintenance Fees: $19,800

123 King St E
Cramahe, ON K0K 1S0 | Colborne | Northumberland

Under $100,000/Suite! Exceptional Opportunity To Acquire 22-Unit Rental Complex In Colborne, Ontario. Significant Rental Upside As 15 Years Rent Control Under Forgivable Rrap Conversion Loan Completed In April 2022. Fully-Occupied With 19 Studio Suites And 3 X 1-Brm Suites On 2.05 Acres With Ample Parking. Offering Memorandum Available On Request. Access To Due Diligence Material Is Available To Prospective Purchasers Who Complete The Confidentiality Agreement Available At Https://Ontarioapartmentgroup.Ca/Ca/123-King/

Extras
Included: 2 Coin Washers, 2 Coin Dryers, 22 Fridges, 22 Stoves, All Contents Of Tool Room Except For Owner's Personal Property.

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Listed By RE/MAX EASTERN REALTY INC., Brokerage
Data Provided By Toronto Regional Real Estate Board
MLS® Listing Number X5809304
Last Updated Dec 06, 2022
Property Summary
Property Type Investment

More like this:
Use Apartments - Over 20 Units
Category Apartment
PIN 511410063
Legal Description Pt Lt 182 Pl Reid Cramahe; Pt Lt 29 Con 2 Cramahe
Occupancy Tenant
Possession Date Tbd
Taxes (2022) $29,252
Tax Type Annual
Maintenance Fees $19,800
Assessment (2021) $1,072,000
Directions/Cross Streets King St East & Durham St North
Neighbourhood Colborne
Area Northumberland
Price History
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Detailed Information
Freestanding Y
Lot 161.7 x 552 ft
Total Area 13,028 ft2
Approximate Age 51-99
Air Conditioning N
Basement Y
Garage Type Outside/Surface
Parking Spaces 22
Heat Type Gas Hot Water
Gross Income/Sales $194,128
Net Income Before Debt $72,159
Hydro Expense $13,370
Water Expense $2,472
Heat Expenses $12,273
Insurance Expense $13,840
Management Expense $7,611
Operating Expenses $121,969
Taxes Expense $30,422
Other Expenses $18,298
Year Expenses $2,023
Expenses Actual/Estimated Est
% Building 100
Sprinklers N
Sewers Sanitary
Utilities Y
Water Municipal
Vacancy Allowance 3883
Lot/Bldg/Unit Code Lot
Zoning Residential 3-5 (R3-5)
Seller Property Info Statement N

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