Investment opportunity for a forward thinking single investor or group. The investment not only has substantial immediate net operating income but also offers a buyer the opportunity to develop 2 additional apartments for a substantial increase in the Gross Income with minimal impact on the Operating Expenses. Additionally the property has a large amount of excess land fronting on Florence Drive offering the opportunity to sever 3 separate building lots.
The proceeds from the sale of one, two or all of the lots can be applied to reduce the initial purchase cost. The building is a very well maintained multi-residential 6 unit apartment building in the Village of Pefferlaw. The buyer will be assuming extremely reliable Longterm mature tenants.
Two large 3 bedroom units on the main level and an additional four large 1 bedroom units on the second floor. Income statements attached as "Financials". The Current Gross Income from the existing 6 units is $100,376.
The Seller has made preliminary inquiries with the Town of Georgina to develop two basement apartments providing a great opportunity to increase the Gross Income utilizing existing building space. Drawings are attached as "Potential Basement Apartments" and can also be viewed in the photo section. Gross Income with two new market rent apartments is estimated to be $160,800.
Current operating expenses are less than $17,000 per year. The Seller has also made preliminary inquires with the local authorities to sever excess unused vacant land to the rear of the property and fronting on Florence Drive. A preliminary site plan is attached as "Potential Site Re-Development" and can also be viewed in the photo section.
A conservative estimate of current market value for vacant building sites in the Pefferlaw area is $200,000 per lot. There are very few building lots available in the Pefferlaw area creating a strong demand from local builders and buyers looking to create custom family homes.
All Landlord Possessions on closing.
