Added 2 weeks ago
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Type: Other
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Style: Other
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Size: 5000 sqft
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Lot Size: 0 x 0
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Age: 31-50 years
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Taxes: $59,794 per year
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Days on Site: 2 Days
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Added: Dec 02, 2024 (2 weeks ago)
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Updated:
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Last Checked: 3 hours ago
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MLS®#: X11881202
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Listed By: Bay street group inc.
Discover this remarkable 24,000 sq ft commercial-residential mixed-use property offering incredible income potential and a proven high return on investment. Situated in a prime location, this asset is a standout opportunity for seasoned investors and developers alike.Key Features:1.Outstanding Income Return:oCurrent net profit: $675,557.13 annually, equating to a 12.75% net income return.oPost-conversion potential: $766,182 annual net profit, yielding an enhanced 14.45% net return.2.High-Value Asset with Significant Upside:oAppraised at $7.25M by a bank-approved appraiser.oMarket value projected to exceed $9M upon conversion to a 100% residential property.3.Existing Configuration:o12,000 sq ft of prime retail and office space.oResidential units: 4 studios, 8 one-bedroom apartments, and 8 two-bedroom apartments.4.Conversion Potential:oAfter transformation, the property will feature 6 studios, 8 one-bedroom apartments, and 28 two-bedroom apartments, catering to high-demand residential needs.5.Renovation Incentives:oGuaranteed renovation cost: Only $650,000, after factoring in city-supported CIP grants and interest-free loans.oBoosted rental income: Conversion results in a $90,625 annual increase in net rental income.6.Favorable Financing Options:oCMHC loan eligibility upon issuance of building permits.oLoan covers 100% of conversion costs at a competitive 4% interest rate.Why This Property?With strong current returns, significant upside from planned conversions, and the city-backed incentives to minimize costs, this property represents a rare blend of high yields, manageable risk, and long-term value appreciation.Don't miss this exceptional investment opportunity in the thriving City of Sudbury. Contact us today for more details and to arrange a viewing!
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Property
Status: Sale
Property Type: Other
Style: Other
Size (sq ft): 5000
Age: 31-50
Area: Greater Sudbury
Community: Sudbury
Inside
Bathrooms: 42
Rooms: 42
Den/Family Room: Yes
Fireplace: No
Washrooms: 42
Building
Heat Type: Baseboard
Heat Source: Electric
Exterior: Alum Siding
Exterior: Concrete
Elevator: Y
Water Supply: Municipal
Physically Handicapped-Equipped: Y
Special Designation: Accessibility
Retirement: N
Parking
Garage Type: Other
Covered Parking Spaces: 6
Total Parking Spaces: 48
Fees
Tax Year: 2024
Tax Legal Description: Lt 113 Blk A Pl 3Sa Mckim; Pt Lt 114 Blk A Pl 3Sa
Taxes: $59,794
Land
Cross Street: Lisgar St.
Municipality District: Greater Sudbury
Fronting On: South
Parcel Number: 735840106
Parcel of Tied Land: N
Pool: None
Sewer: Sewers
Zoning: C6
Waterfront: None
Walker's Paradise
- Daily errands do not require a car.
Bikeable
- Some errands can be accomplished on bike.
École publique Jeanne-Sauvé
Elementary: PublicÉcole séparée St-Joseph
Elementary: CatholicMarymount Elementary Academy
Elementary: CatholicQueen Elizabeth II Public School
Elementary: PublicLansdowne Public School
Elementary: PublicAlexander Public School
Elementary: PublicN'Swakamok Native Alternative School
Secondary: PublicÉcole Cap sur l'Avenir
Secondary: PublicAdult Day School
Secondary: PublicMarymount Academy Catholic School
Secondary: CatholicCollège Notre-Dame
Secondary: CatholicSudbury Secondary School
Secondary: Public-
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