64 Delaware Avenue

Description

PROJECTED 5.37% CAP RATE AT $2,100,000. 64 Delaware Avenue: fully furnished, restored 5-plex in Ottawa's sought-after Golden Triangle. Projected annual gross income of $143,100 and NOI of $112,807, based on the following pro forma: 1 x 2-bedroom suite at $2,700/month, 4 x 1-bedroom suites at $2,150/month, plus $7,500/year from 5 parking spaces. Apartment rents total $11,300/month or $135,600/year. Deducting 3% vacancy/collection loss ($4,293), property taxes ($16,000), insurance ($5,000) and general maintenance ($5,000) yields the projected NOI above. Currently vacant, offering the opportunity to establish new tenancies at market-supported rents. Extensive updates, furnished suites and preserved architectural character complement this central location near the Rideau Canal, Elgin Street, shops and restaurants. Income figures are projections, not an existing rent roll. Cap rate is before financing; additional owner-paid utilities, management and replacement reserves are excluded. Buyers to verify achievable rents and complete operating costs.