Multifam; 1.2Mil, 9.6 cap rate; windsor Ontario

524 Pitt St. W

524 Pitt St. W, Windsor, ON N9A5M2

• 

• Price:
  $1,150,000 CAD
• No. Units:
  26
• Building Size:
  14,000 SF
• Price/Unit:
  $44,230.77 CAD
• Property Type:
  Multifamily
• Property Sub-type:
  Mid/High-Rise
• Property Use Type:
  Investment
• Cap Rate:
  9.60%
• Occupancy:
  100%
• Lot Size:
  0.13 AC
• Find Out More...

Last Verified 1/13/2011 Listing ID 16923128

Description

Well maintained 26 unit apartment building in Windsor, 8 minutes door to door from University of Windsor and walking distance to St-Claire College downtown campus (over 700 students, 1000 in 2011). Completely turn key with reliable management in place makes this ideal for an out of town investor or a local owner.

Steps to Windsor's main bus depot, windsor art gallery, convenience and grocery stores makes this an attractive rental area for students and professionals alike.

Windsor's uptrending economy makes this a perfect opportunity to buy before cap rates start to creep down to the national average of 7.5%. 3 reasons why prices will continue to climb over the next 5 years:

" The construction sector will grow as major projects supported by federal and
provincial infrastructure stimulus funding programs get underway. These will
contribute to overall employment growth of more than two per cent.

" Windsor-Essex is also emerging as a centre for solar and wind power
generation. The Windsor-Essex region has the most solar days and wind
making it an excellent location for developing green technology and
manufacturing the associated equipment to supply this developing sector.

" The Ontario Power Authority has approved contracts for $600 Million of million
of wind turbine projects in Essex County with over another $400 million
awaiting approvals.

Financial Summary

• Actual
• Effective Gross Income
  $175,760 CAD
• Operating Expenses
  $65,613 CAD
• Net Operating Income
  $110,147 CAD