*** UNPARALLELED LOCATION AND OPTIMIZATION OPPORTUNITY IN OLD LONGUEUIL *** This 32-unit building of concrete and brick construction (16 X 3 1/2 and 16 X 4 1/2) with outdoor parking is close to all amenities including a bus station that's 500 meters away. Unique opportunity for those looking for the right building and right size to be optimized. Rents are between 25 and 30% lower than those paid elsewhere. Average rent for a 3 1/2 is $756 and $838 for a 4 1/2. The building is always fully occupied. The building is eligible to CMHC's new exceptional financing program called MLI Select. A special investment opportunity by any standard.
124'2" X 56'
- The building is a concrete and brick construction.
- This building is eligible to the new CMHC financing program called MLI - Select, which offers:
. An amortization period of 40 years
. A CMHC insurance premium of only 2.25% instead of 5.25% for a 40-year amortization
. A debt coverage ratio of only 1.1
- The required cash down is estimated at +/- 32% of the purchase price.
- The roof was resurfaced with an elastomeric membrane in 2017.
- All windows and all patio doors were changed in 2012 and 2013. Also, some balcony floors were changed.
- Fire alarm system has been updated to the current code, and the 2022 certificate of conformity is in hand.
- The apartments need updating.
- This building is the perfect opportunity for the buyer / developer / contractor who is looking for a well located building, that is always fully occupied, which can easily be updated without too much expense in order to optimize it and generate a considerable value appreciation.
- The average rent for the 16 X 3 1/2 is $756/month and the 16 X 4 1/2 is $838/month, all combined the average rent is $797/month...
- Considering the rents currently paid elsewhere, to other buildings located in the same area, it is realistic to generate a value appreciation of more than $2 million on the building, once optimized.
124'2" X 56'
Driveway : 25
CEGEP , Daycare centre , Hospital , High school , Public transportation
Electric baseboard units
Laundry room , Fire detector , Intercom , Alarm system
2 washers and 2 dryers belonging to Coinamatic.
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