Ontario Development
64 Unit Adaptive Use Project
Marketing description
***SPECIAL OFFER***
With full asking price, Seller will structure the contract by adding the initial cost to fund the first phase of construction. This dollar amount will be added to the sale price and Buyer will pay to difference in transfer tax, on top the customary 2.289%, from the base sale price and gross sale price. Example: [Gross sale price: $3,000,000] - [Base sale price: $2,800,000] = $200,000 credit to Buyer at closing. Buyer to pay the transfer tax on the $200,000 credit, in addition to the transfer tax on the base sale price.
Jump into your next development project which is truly shovel ready.
Projected Gross Rent: $1,012,200 annually with a solid 6%+ Cap rate. This 64-unit property, featuring a mix of 1 and 2-bedroom apartments, comes with 40 parking spaces and no low-income housing requirement. An adaptive reuse project, with Completed Engineer Reports For Foundation & Facade
All necessary documents including plans, permits, reports, and surveys will be provided to the buyer upon a payment to the architect of $75,000 to release the plans. Don't miss this opportunity to invest in a lucrative real estate venture with minimal hassle.
Investment highlights
Projected Gross Rent: $1,012,200 annually
64-unit property consisting of 1 & 2-bedroom apartments
Average 1 bed ~575 sf and average 2 bed ~1100 sf
No Low-Income Housing Requirement
Adaptive Reuse Project with Completed Engineer Reports For Foundation & Facade
Buyer to Pay Remaining Balance Of $75,000 For Architect To Release Plans
Upon completion of construction and stabilization COC is 10.91%
40 accessory surface parking spaces (including two (2) van-accessible spaces and three (3) electric vehicle parking spaces), and twenty-one (21) Class 1A bicycle parking spaces
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