709 Hammond Drive S Fox Creek, Alberta T0H 1P0
$495,000
A well-maintained 4-plex is up for sale!The building contains 4 - 3 BR , 1 1/2 BA suites with a full kitchen, dining area, living room, 1/2 bath and a storage room on the main floor, along with 3 BR, a full bathroom, mechanical room and laundry area downstairs. 3 suites are unfurnished and one has just been furnished with all new furniture! There are patio doors leading from the main floor living space onto the outdoor deck. The suites are designed in a bi-level format, with the living space upstairs on the main floor and the bedrooms downstairs on the lower level. Two units face the street and the other two face the back yard. Paved parking stalls are located to the front of the building, coming directly off the street. The building was built in 1980 and is constructed of wood framing and a PWF foundation. It is a wood-sided building with asphalt shingles on the roof. Each of the units has a gas furnace and hot water heater. RENOVATIONS: All 4 suites have had major renovations as is obvious on viewing the suites. These renos include new paint, new vinyl plank flooring, bathroom renos, 2 new high-energy efficiency furnaces, 3 new hot water heaters and all 4 new decks. One suite has just been furnished. It has very nice furnishings throughout. The seller has also installed all new front and rear entrance steps in early July 2022 - well over $10,000 in improvements since May of this year. The tenants pay their own heat and power while the owner pays the monthly water and sewer costs. CAP rate on this investment property is 8.34% and the revenue makes a good income for an investor.Total Expenses$19,666Net Operating Income $ 41,299 Capitalization Rate 8.34%Property Value $495,000 ($123,750 / door) Cash required with new 80% CMHC financing - $99,000 Annual Cash Flow after Debt Servicing $14,498Annual Cash on Cash Return – Year 1: $16,2 19 / $99,000 = 16.4% Total Return in year 1 – ($16,219 + $9,414 mortgage paydown) / $99,000 = $25.9% (id:49444)
Property Details
| MLS® Number | A1224429 |
| Property Type | Multi-family |
| Parking Space Total | 4 |
| Plan | 7620609 |
Building
| Appliances | Washer, Refrigerator, Range, Dryer |
| Architectural Style | Bi-level |
| Basement Development | Finished |
| Basement Type | Full (finished) |
| Constructed Date | 1980 |
| Construction Material | Wood Frame |
| Cooling Type | None |
| Fire Protection | Smoke Detectors |
| Flooring Type | Laminate, Linoleum |
| Foundation Type | See Remarks |
| Heating Fuel | Natural Gas |
| Heating Type | Central Heating |
| Size Interior | 2,426 Ft2 |
| Total Finished Area | 2426 Sqft |
| Type | Multi-family |
| Utility Power | Single Phase |
| Utility Water | Well, Municipal Water |
Parking
| Concrete | |
| Other |
Land
| Acreage | No |
| Sewer | Municipal Sewage System |
| Size Total Text | Unknown |
| Zoning Description | R3 |
Utilities
| Natural Gas | Available |
| Water | At Lot Line |
https://www.realtor.ca/real-estate/24499792/709-hammond-drive-s-fox-creek
Contact Us
Contact us for more information
Brenda English
Associate
Fox Creek, Alberta
(780) 622-0060
www.foxcreekrealestate.com/
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September 08 2022 01:07:31
Alberta West REALTORS® Association
RE/MAX Advantage (Whitecourt)