Discover a prime investment opportunity with this purpose-built 18-unit apartment building, situated on a spacious 0.575-acre lot. The property features a desirable unit mix, comprising 17 two-bedroom, one-bathroom units, along with a brand new one-bedroom, one-bathroom unit, set to be completed by August 2024. Tenants will appreciate the convenience of on-site laundry facilities, individual storage units, and dedicated bicycle storage.
Since 2021, the property has demonstrated impressive financial growth, with Gross Annual Income soaring by 66%. This success is attributed to an above-average tenant turnover rate, strategic unit repositioning, and the implementation of parking surcharges. The property’s proven track record suggests substantial potential for future revenue increases under new ownership.
Eight of the 18 units have been recently renovated, featuring modern upgrades to flooring, kitchens, and bathrooms, enhancing their appeal to prospective tenants.
Located in a highly sought-after area, the property is ideally positioned to attract tenants. It offers easy access to public transportation, including the Region’s Light Rail Transit (LRT) system, as well as proximity to schools, a regional shopping mall, the expressway (connecting to Highway 401), and a wide range of grocery stores, restaurants, pharmacies, medical facilities, and other shopping amenities.
This property represents a unique chance to acquire a well-performing asset with significant upside potential in a thriving, high-demand market.
