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320 Lake St Street Pembroke, Ontario K8A 5M2

$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:55534)

Property Details

MLS® Number 1347315
Property Type Multi-family
Neigbourhood Algonquin College Pembroke
Parking Space Total 21

Building

Constructed Date 2016
Stories Total 4

Land

Acreage No
Size Frontage 252 Ft
Size Irregular 252 Ft X 0 Ft (irregular Lot)
Size Total Text 252 Ft X 0 Ft (irregular Lot)
Zoning Description R4-32

https://www.realtor.ca/real-estate/25716782/320-lake-st-street-pembroke-algonquin-college-pembroke

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Craig Edmonds
Salesperson

(613) 633-7653
www.royallepage.ca/CraigEdmonds

Royal LePage Edmonds & Associates
270 Lake Street
Pembroke, Ontario K8A 7Y9

(613) 735-1062
(613) 735-2664

Patrick N. Hulley
Broker of Record

(613) 546-4208
(613) 546-2793

RE/MAX Rise Executives
642 Derbyshire Point Lane
Athens, Ontario K0E 1B0

(613) 546-4208

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