8-Plex in the $800s! Wholesale Apartment Building. Huge Upside.

Aaron Moore

Frequent Forum Member
REIN Member
How about owning eight income-earning units for the price of one GTA house?? This deal is a plane ride away, but the cash flow will cover your ticket many times over. And, there's lots of room to increase rents as tenants turn over. Triplexes in the area are selling in the $600s, so we thought you'd like to see this 8-plex in the $800s! It's only 10 minutes from downtown Halifax, Nova Scotia.

We believe that this building could be valued at over $1.6M after rents are increased to market value.

Who's looking for a profitable property?

SUMMARY:
- LOCATION: Halifax, Nova Scotia
- PURCHASE PRICE: $889,900 Or Best Offer
- CLOSING: February 14, 2022 (This is an assignment sale.)

- TYPE: Multi Unit Apartment Building (8 Units)
- BEDS/BATHS: Eight 1 Bed/1 Bath Apartments
- SEPARATE HYDRO METERS: Yes
- PARKING: Available for all units
- AGE: 1966
- TENANTS: All units currently tenanted. Buyer to assume tenants. (Vacant possession will not be given.)
- INCOME: Approx $70k/year at current under-market rents. Potential for $120k/year at market rents.
- COIN LAUNDRY: Income $100/month
- CURRENT EXPENSES: $32k/year including management and maintenance.
- CURRENT NOI: $37k/year
- CAP RATE: 4.2% as-is. Closer to 9% at market rents!

RENOVATIONS NEEDED:
- Update units as they come vacant to maximize rents.
- Heating is old but well maintained and functioning well.
- Please view the pictures for ideas on what you'd like to renovate.

GOOD NEWS:
- You can buy this multi-unit property at close to $100k a door.
- Great CAP rate potential as units turn over. Still in the normal range as-is!
- Roof is 12 years old and still lots of life left.

PICTURES are here:
 
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