Oct '23 • Deal Analysis
Potential Deal
Hi guys wanted to throw this property out to everyone to take a look at. I walked through it Late 2021 at that point the seller was entertaining the idea of a VTB on it.
Address is 112 44 ave NW (link below). Currently listed for 898,898.
Suite info is
-Unit 1 (3 bedrooms (2 up one down)
-Unit 2 self contained bachelor with concrete wall and ground level entrance
-Unit 3 self contained bachelor
-Unit 4 Top level 2 bed
-Unit 5 Self contained bachelor with side entrance (legal confirming suite)
Layouts are also in the pictures of the listing.
The property is ROUGH and in need of $200,000 of repairs, all the rents are below market as well and are as follows.
Monthly Rent (Includes Utilities) Unit #1 $1,000 | Unit #2 $600 | Unit #3 $650 | Unit #4 $875 | Unit #5 $650 .
My assumptions going into this is taking it from 5 units to 6 (you can see that there is a bachelor suite on one side, you can do the same with the other side it just wasnt done). This way you could qualify for MLI select with the 6 units also.
Because there are long term tenants and the property is so neglected I would request vacant possession so that it could be renovated and you could get market rents. Once everything is renovated. I also like this as a long term hold because the proposed green line (train) is very close which will give it upside in the future. Let me know what you think!!! Wanted to start throwing things out there to get some feedback!https://www.realtor.ca/map#ZoomLevel=17&Center=51.092445%2C-114.063324&LatitudeMax=51.09479&LongitudeMax=-114.05575&LatitudeMin=51.09010&LongitudeMin=-114.07089&Sort=6-D&PropertyTypeGroupID=1&TransactionTypeId=2&PropertySearchTypeId=0&Currency=CAD
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Potential Deal
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