320 LAKE ST STREET

Multi-family For Sale in Pembroke, Ontario

$4,500,000

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. (id:4069)
Address 320 LAKE ST STREET
List Price $4,500,000
Property Type Multi-family
Area Ontario
Sub-Area Pembroke
Lot Size 252 ft X 0 ft (Irregular Lot) Sq. Ft.
Year Built 2016
MLS® Number 1347315
Listing Brokerage ROYAL LEPAGE EDMONDS & ASSOCIATES | RE/MAX RISE EXECUTIVES
Postal Code K8A5M2
Zoning R4-32

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