11 Little York St. Orangeville. $450,000
I had the pleasure of visiting this beautiful building. Being a “Heritage Orangeville” member, I found this property to be very well maintained. This Victorian (actually, I think is Italianate) building has so much character inside. There are 2 large units (apartment 1 and 3) that boast the high ceilings, large baseboards, and trim. The other 2 uints are an addition on the back side of the building.
The building is fire code compliant, the lot is very large with a frontage of 45.32 feet X a depth of 280 feet. There is a laundry room for all the tenants to use, as well as ample parking. Right next door, there is a 5 plex for sale ($475,000). If you acquired both buildings, there is a great development opportunity for a condo, or larger apartment building. Lots of potential!
On the financial sheet below, please note that I feel you may get a better insurance rate then shown. I feel the number of $3,064 is very high. For a similar building I know of in town, the insurance is around $2100. Your insurance agent would give you a better idea.
Here are the numbers: (these numbers are just a guideline. Please consult your accountant before investing.) These numbers have been supplied by the seller and the sellers agent.
| 11 Little York st |
$450,000.00
|
|
| 4 plex |
80% Mort
|
$360,000.00
|
|
20% Down
|
$90,000.00
|
|
|
CMHC
|
$0.00
|
|
|
Mort amount
|
$360,000.00
|
|
| Expense |
Annually
|
Monthly
|
| Property Tax |
($5,002.00)
|
($416.83)
|
| Insurance |
($3,064.00)
|
($255.33)
|
| Mortgage (80 |
($20,418.00)
|
($1,701.50)
|
| Utilities |
($6,360.00)
|
($530.00)
|
| Maint | ||
| Total |
($34,844.00)
|
($2,903.67)
|
| Income |
Annually
|
Monthly
|
| Rent 1 (3 bed) |
$14,244.00
|
$1,187.00
|
| Rent 2 (2 bed) |
$12,168.00
|
$1,014.00
|
| Rent 3 (1 bed) |
$10,320.00
|
$860.00
|
| Rent 4 (Bach) |
$5,520.00
|
$460.00
|
| Total |
$42,252.00
|
$3,521.00
|
| Cash Flow |
$7,408.00
|
$617.33
|
|
ROI *
|
8.23%
|
|
| *based on annual Cash Flow/Down Payment | ||
* Mortgage based on 4.49% amortized over 35 years
For more information, or to view this property, please call me at 519-938-2225.  I would be happy to set up an appointment to meet with you, and go over these numbers.  Please note: For this property, we will need to give at least 48 hours notice to the tenants.
