Waterfront 4 Plex Fully Rented Located In Tweed

Location: Canada -> Ontario -> Tweed
Industry: Hotels and Holiday Accommodation > Holiday Resorts

Waterfront 4 plex for sale, fully rented located in Tweed. 2.5 hours north-east from Toronto. Riverfront lot 306 ft x 100 ft plus 2 other pieces of land. One of them has structure (old garage) on it could be renovated to a single family house.

4 plex has one 3-bed/1-bath, two 2-bed/1-bath, and one 1-bed/1-bath apartments. The building has been fully renovated/upgraded/decorated 2 years ago. It has renovation permit. There is a large septic system and drilled well (240 ft deep). Both of them on regular maintenance, in good working condition. Water line has sand filter and UV system for the germ free water. Tests show clean drinking water.

Source of heating: 3 propane furnaces. Propane water heater tank is rented.
All 4 apartments are leased on yearly agreements accordingly: $900, $800, $700, $600 per month plus 50% of utilities (hydro + propane). $500-$800 per month includes all utilities (hydro & propane) + prorated property tax+ insurance + maintenance.

Gross income: $36K annually. Cap rate for 2007 was 12%. Property taxes for 2007 are around $1700. Asking price 243,000 negotiable.

Financials

Asking Price Range: $250K – $500K
Gross Revenues: $36,000
Cash Flow: $28,000
Cash Flow Type: Sellers Discretionary Cash
Seller Financing: No

About The Business

Year Established: 2000
Number of Employees: 1 – 3
Relocatable: No
Franchise: No
Current Real Estate: Owned
Property: Property For Sale