Real Estate Investment:  Multifamily - 50 Harewood Road, Nanaimo

About This Property                               

6 UNIT APARTMENT BUILDING PLUS SEPARATE 3 BEDROOM HOME WITH BASEMENT AND SHOP! There are also 2 additional permanent storage sheds on the property. This is all situated on a 1/2 Acre corner lot with paved parking. The apartment building is comprised of four 1 Bedroom suites and 2 Bachelor suites, all separately metered and a coin-operated washer and dryer. The house has been completely renovated. Live on the property opportunity or remain with full investment revenue stream.

  • Apartments and house have separate meters; electric baseboard heat
  • Coin operated Washer and Dryer 
  • House basement has potential to be suited. Current owner has explored possibility with City and received a provisional approval
  • House Renovations completed

Upgrades:

  • 2004 to 2009 – Upgraded Electrical & Flooring
  • 2015/2016 – New Appliances, New Windows, 3/4 Inch styro added for insulation behind new vinyl siding
  • 2018/2019 – Christmas tree fire in house created an opportunity for insurance to completely renovate interior of separate 3 bedroom home

Features

  • .48 Acres
  • 5.0% CAP Rate
  • 7 Income Streams


Asking Price: $1,229,000

Initial Cash Required: $412,000

Monthly Cash Flow: $712

Annual ROI: 18%

Profit target after 10 Years: $765,000

       

   

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