471 Somerset St. W Asking Price: $925,000 PRESENTED BY: Synercapital Real Estate Investment Services Inc. Alex Diaz, Broker of Record Tel: 613.860.3500 ext. 27 Cell: 613.263.0133 Email:
[email protected] www.synercapital.ca
DISCLAIMER: The information herein contained has been provided by the principals and sources which we deem reliable, but for which we assume no responsibility, and make no guarantees or warranties as to its accuracy. The information provided should be verified by you and your advisors, and is subject to change without notice.
TABLE OF CONTENTS
::
Property Description
Section 2
::
Pricing & Financial Analysis
Section 3
::
Rent Roll
Section 4
::
Comparables
DISCLAIMER: The information herein contained has been provided by the principals and sources which we deem reliable, but for which we assume no responsibility, and make no guarantees or warranties as to its accuracy. The information provided should be verified by you and your advisors, and is subject to change without notice.
::
Section 1
Location
471 Somerset St. W
Close to
Kent
Units
6
Asking Price
$925,000
Price/Suite
$154,167
Reference
N/A
Year Built
1945
Lot Size
44’ x 112’
Construction
Brick/Wood frame
# of Stories
Three
Balconies
Yes - 3 Sunrooms
Elevator
N/A
Intercom
Buzzer system
Hall Floors
Carpet
Fridges / Stoves
6 Fridges/6 Stoves
Heating Type
Oil boiler (Owned)
Hot Water Supply
Gas Heated HWT (Rental)
Washer / Dryer
1/1 Owned
Parking / Garages
8 Outdoor Parking Spots
Leases
1st Yr Lease then Month to Month
Bricks
Good condition
Hydro
Paid By Tenants
DISCLAIMER: The information herein contained has been provided by the principals and sources which we deem reliable, but for which we assume no responsibility, and make no guarantees or warranties as to its accuracy. The information provided should be verified by you and your advisors, and is subject to change without notice.
PROPERTY DESCRIPTION
This Apartment Complex is located in the heart of the City of Ottawa. Beautiful, spacious apartments featuring hardwood and ceramic flooring, large living and dining rooms, renovated bathrooms as well as enclosed balconies. This charming building consists of 4 one bedroom with den and 2 two bedroom apartments. Centrally located, this building easily attracts tenants for both parking and residential. Tenants are all professionals.
::
SUMMARY INFORMATION
New Approx 2000 Good Condition
Windows
Thermo- New 1991 Good Condition
Balconies
Wood- Minor Repairs Required
Parking
Minor Repairs Required
Fire Retro
Yes- Letter of Compliance
Htg Equip
Good Condition
Frdgs/Stvs
Good Condition
Elevator
N/A
Plumbing
Copper
Excellent income producing property with possible upside on rents and laundry coin slot increase. The building has individual hydro meters and the tenants are paying their own hydro. Suites are in good condition and have enclosed balconies. Capital items such as the roof, heating, windows & domestic hot water are in good condition. Many renovations completed in 2005 including: new carpet in common areas, some new appliances and fresh paint throughout.
NEIGHBORHOOD INFO : Centrally located within Ottawa. Situated in between the 417 Highway and the downtown core of Ottawa, and close to all amenities.
DISCLAIMER: The information herein contained has been provided by the principals and sources which we deem reliable, but for which we assume no responsibility, and make no guarantees or warranties as to its accuracy. The information provided should be verified by you and your advisors, and is subject to change without notice.
PROPERTY DESCRIPTION
Roof
STATUS OF CAPITAL ITEMS:
::
CAPITAL ITEMS
Rental Income :
$67,920
Property Taxes:
$7,469
Parking:
$1,800
Insurance:
$2,201
Laundry:
$3,504
Hydro (Common Areas):
$960
Less Vacancy (2%):
$(1,465)
Heat:
$4,500
Other Income
$0____
Water/Sewer
$1,151
Gross Effective Revenue:
$71,759
Maintenance ($400 per unit):
$2,400
Superintendant / Management
$2,400
Snow Removal and Ext. Maintenance:
$1,200_
Total Expenses:
$22,281
NET OPERATING INCOME:
$49,478
ASKING PRICE:
$925,000
PRICE / UNIT
$154,167
ASKING CAP RATE
5.35%
MORTGAGE INFO: 1st Mortgage
Amount %
Amount $
Rate
75%
$693,750
3.8%
Mon. Payment Ann. Payment Principle $2,977
$35,723
$10,510
CASH / DOWNPAYMENT REQUIRED: Cash Required
$231,2450
Downpayment
25%
Gross Annual Income
$71,759
Less Total Expenses
$22,281
Net Operating Income
$49,478
Cap Rate
5.35%
Less Mortgage. Payments
$35,723
Cash Flow
$13,755
Cash Return
5.5%
Principal Recap
$10,510
Principle Return
4.2%
Total Return on Investment
$24,265
Total Return of Investment
9.6%
DISCLAIMER: The information herein contained has been provided by the principals and sources which we deem reliable, but for which we assume no responsibility, and make no guarantees or warranties as to its accuracy. The information provided should be verified by you and your advisors, and is subject to change without notice.
PRICING & FINANCIAL ANALYSIS
EXPENSES:
::
REVENUE:
RENT ROLL
:: PROPERTY ADDRESS: RENT ROLL - AS OF DATE:
471 SOMERSET ST. W MAY 2009
Unit
Bedrooms
Rent
Rent Increases *
Unit 1
1
$865
$881
Unit 2
1
$850
$865
Unit 3
2
$1,095
$1,115
Unit 4
1
$850
$865
Unit 5
2
$850
$865
Unit 6
2
$1,050
$1,069
Monthly Income from Rent *
$5,660
Parking Income
$150
Laundry Income
$292
Other Income
$0 __
TOTAL MONTHLY INCOME
$6,102
TOTAL ANNUAL INCOME
$73,224
DISCLAIMER: The information herein contained has been provided by the principals and sources which we deem reliable, but for which we assume no responsibility, and make no guarantees or warranties as to its accuracy. The information provided should be verified by you and your advisors, and is subject to change without notice.
COMPARABLES
::
471 Somerset St. W Ottawa, ON photo
# of Units: 6
Price/Unit: $154,167
Closing Date: n/a Net Income: $49,478
CAP rate: 5.35%
Asking Price: $925,000
1
285 Clarence St. Ottawa, ON # of Units: 5
Price/Unit: $162,500
Closing Date: Jul 2008 Net Income: $44,159
CAP rate: 5.43%
Sale Price: $812,500
2
105 Arlington Ave. Ottawa, ON # of Units: 5
Price/Unit: $151,000
Closing Date: Feb 2008 Net Income: $37,985
CAP rate: 5.03%
Sale Price: $755,000
3
449 Somerset St. W Ottawa, ON # of Units: 6
Price/Unit: $133,166
Conditionally Sold Net Income: $44,591
CAP rate: 5.58%
Asking Price: $799,000
DISCLAIMER: The information herein contained has been provided by the principals and sources which we deem reliable, but for which we assume no responsibility, and make no guarantees or warranties as to its accuracy. The information provided should be verified by you and your advisors, and is subject to change without notice.