393-395 DIVISION ST - SOLD
The Essentials
A downtown fourplex, with a large garage/workshop out back and plenty of parking. Just north of Pine St with month-to-month tenants.
The Bigger Picture
This residential fourplex is situated on the east side of Division just north of Pine St. So you're pretty much downtown. You're pretty much Fruit Belt and McBurney Park neighbourhood too. But we understand how it doesn't quite feel that way. Pine St still feels like the northern border of that neighbourhood. The way Raglan Road did twenty years ago. All of which is to say that the future looks bright for this place. More and more blocks are folded into the mix every month is how it feels. There are two very good (and quite large) one-bedroom units on the main floor. They're pretty and they're bright and they're renovated. The two units upstairs (a one-bedroom and a two-bedroom) are more modest. There is also a big garage/workshop with power on the property and plenty of parking. All tenants are month-to-month. They're paying lowish rents and so this is more of a long play investment, but it's a rare bird too. Just check out the floor plans and photos below.
Here, for your reading pleasure, are the present income and expense numbers.
393 Unit 1: 821.00 plus electric ( average last 12 months, 85.00 )
393 Unit 2: 857.00 plus electric ( average last 12 months, 80.00 )
395 Unit 1: 850.00 plus electric ( average last 12 months, 65.00 )
395 Unit 2: 817.00 plus electric ( average last 12 months, 75.00 )
Average Utility Costs:
395 House Meter; electric, gas, water, sewer, hot water tank rental. Average Last 12 months is 385.00 per month.
Basement: Electric only. 35 per month
2019 Taxes: 6231.33.
Insurance: 2308.00 2020
The property is presently professional managed and that costs 8% of the gross monthly rent
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We’re really discouraging in-person showings, by the way. The tenants have been great, letting us photograph the units and prepare floorplans. They didn’t have to do that. We don’t think they should have to endure a stream of investors traipsing through. It’s not what they signed up for. And we think you have the information you need to make a decision. A viewing can certainly be arranged upon the negotiation of an accepted offer. Thanks for understanding.
A GALLERY
