Price C$4500000 - 40437934

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Property Description

Constructed in 2017/18, this 16-unit building just two blocks from Algonquin College in downtown Pembroke features 15 three-bedroom suites and 1 one-bedroom suite, all with appliances (fridge/stove/dishwasher) and furniture package. Projected gross income from rental and parking for 2023 projected at $410,310/annum. Seller’s expenses in 2022 as follows: advertising and promotion: $307; insurance: $17,779; laundry (card/lease) and cleaning: $15,436; management fees: $20,340; property taxes: $28,961; grounds, maintenance & repairs: $28,961; utilities and security, Internet included: $49,182; professional fees: $3,497, office: $543. Total before debt service for 2022 is $162,499. Assuming a 2% increase in operating expenses and projected income for 2023 of $244,561 with projected cap rate asking at 5.4%.

Parking is assigned with overflow available. The age of the property is technically 0-5 years (occupied September 2018). Laundry is coin (actually card) operated via coinamatic but on site on the first floor.

320 Lake Street is being sold together with 164 Christie Street. See MLS®#: 40437908. 164 Christie Street is a 6-unit building, a separate title, directly adjacent to 320 Lake Street.

: Electric, Baseboard
: Ductless, Wall Unit(s)
: Dishwasher, Dryer, Refrigerator, Washer, Stove
: In Building
: Urban, Skiing, City Lot, Marina, Greenbelt
: Unassigned
: Asphalt Shing
: Sewer (municipal)
: Electricity Connected, Internet Other
Address Map
Renfrew County
K8A 5M2
320 Lake Street
W78° 52′ 37”
N45° 49′ 29.2”
Pembroke Street West to south on Christie, left on Lake
Additional information
Re/Max Rise Executives, Brokerage
: Vinyl Siding
: Concrete Perimeter
: South
: Fridge In Garage., Electrical Light Fixtures, All Existing Blinds And Draperies
: 6-15 Years
: Municipal

320 Lake Street, Pembroke, ON K8A 5M2

46 Bedrooms
17,500 Sqft
Listing ID #40437934
Basic Details
Property Type : Residential Income
Listing Type : For Sale
Listing ID : 40437934
Price : C$4500000
Bedrooms : 46
Square Footage : 17,500 Sqft
Year Built : 2017
Lot Area : 23,958 Sqft
Building Area : 17,500 Sqft
Status : Active
Property SubType : Multi Family
Zoning : R4-32
Agent info
Mobility Team
Contact Agent