Duplex converted to a 4plex with all permits in place in Allendale (Edmonton)

Michel Lafleur

Inspired Forum Member
REIN Member
Apr 30, 2015
92
91
18
#1
Exclusive investor opportunity!

Full side by side duplex converted into 4 units of apartment dwellings (city approved, all permits in place.) Roughly 1080 ft2 per side with a double detached garage and ample parking (6 stalls, can add a 7th.) All 4 living units have 3 bedrooms, 1 bathroom, and in-suite laundry.

Offered at $795,000

Current rents are:

Upper 28 - $1395 (until Aug. 31/18 – can provide new tenant if desired.)

Lower 28 - $1095 (lease ends Sept. 30/18)

Upper 30 - $1295 (lease ends Aug. 31/19)

Lower 30- $1050 (lease ends Aug. 31/19)

*All utilities paid for by the tenants – under the owner’s name and then split between up/down

Garage – $325 (until Sept. 1/18, then will increase to $350/month)


How does $5100+/month sound for current rents?

Buyer to assume all existing tenants, leases & deposits.

Hard costs (current) for all 4 units: Property Taxes (for both sides/all 4 units) = $6100/ year and Insurance (for all 4units) = $1425/ year

With current rents & expenses, based on $795,000 purchase gives ~6.7% cap rate (assuming no additional operations costs or financing.)

The property has been self-managed for ~16 years, so they do not pay property management or vacancy fund allowance etc. , meaning they have low cost of operation. Investors can operate with professional management, traditional financing, vacancy & repairs budgets, and still earn generous cash-flow.

List of upgrades (since 2010) include:
2010:
  • New dryer (lower 28)
  • New stove (upper 30)
  • New fridge (lower 30)
2011:
  • 2 new furnaces (lower 30)
  • 3 new ceiling fans & new bathroom faucet (upper 30)
2012:
  • New washer (lower 28)
  • New CO detectors (all 4 suites)
  • New shingles on whole main building
  • R50 insulation in all ceilings
  • New concrete sidewalks front & back, both sides

    2013:
  • New commercial grade washer (lower 30)
  • New vertical blinds (lower 28)

2014:
  • New shingles on the garage.
  • New bathroom faucets (upper & lower 28)
  • New low flush toilet (upper 28)
  • New bathroom vanity (lower 28)
2017:
  • New smoke alarms (all units)
  • New hardwired smoke/CO alarms in hallways of all 4 units
  • New parking stall created behind #6828
2018:
  • New stacked washer/dryer (upper 30)
  • Fire proofing of doors (mechanical rooms for 28 & 30)
  • New hardwired smoke alarms (bedrooms & mechanical rooms for 28 &30)
  • Removed doors between upper & lower suites (both sides) & replaced with drywall
  • New ceilings (fire retardant) in lower units (lower 28 & 30) including bedrooms, mechanical rooms, bathrooms and hallways
 

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