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320 Lake Street Pembroke, Ontario K8A 5M2

46 Bedroom 17500
Ductless, Wall Unit Baseboard Heaters

$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 via coinamatic but on site on the first floor. 320 Lake Street is being sold together with 164 Christie Street. See MLS®#: 40437908. 164 Christie Street is a 6-unit building, a separate title, directly adjacent to 320 Lake Street. (id:48744)

Property Details

MLS® Number 40437934
Property Type Multi-family
Amenities Near By Marina, Ski Area
Communication Type Internet Access
Features Conservation/green Belt

Building

Bedrooms Total 46
Basement Type None
Constructed Date 2017
Construction Style Attachment Detached
Cooling Type Ductless, Wall Unit
Exterior Finish Brick Veneer, Vinyl Siding
Fire Protection None
Heating Fuel Electric
Heating Type Baseboard Heaters
Stories Total 4
Size Interior 17500
Utility Water Municipal Water

Parking

None

Land

Acreage No
Land Amenities Marina, Ski Area
Sewer Municipal Sewage System
Size Frontage 253 Ft
Size Irregular 0.55
Size Total 0.55 Ac|1/2 - 1.99 Acres
Size Total Text 0.55 Ac|1/2 - 1.99 Acres
Zoning Description R4-32

Utilities

Electricity Available

https://www.realtor.ca/real-estate/25714391/320-lake-street-pembroke

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Patrick N Hulley
Broker of Record

(613) 546-4208
https://www.remaxrise.com/

RE/MAX Rise Executives, Brokerage
110-623 Fortune Cres
Kingston, Ontario K7P 0L5

(613) 546-4208
https://www.remaxrise.com/

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