65 6th Ave
ENGLEHART, ON P0J 1H0
$2,625,000
INVESTMENT HIGHLIGHTS
15 Unit multi-residential
10 x 2 bedroom
4 X 1 Bedroom
1 X Bachelor
Lot Area: 14,832.65 square feet
Property PIN: 61277-0541
ANnual Taxes: $14,774.72 (2021)
Market rents with room for growth
flexible management contract
less than 10 years old
fully tenanted with high occupancy demand
Welcome to The Red School Apartments!
This former schoolhouse in Englehart, ON has been completely brought back to shell and converted into a gorgeous 15-unit multi residential building. Located just 2 hours north of North Bay, this property provides the higher CAP rates of northern investment while offering the stability and flexibility associated with multi-residential assets.
The building features on-site coin laundry and modern services, including TV/Internet capability. High demand for mining, forestry, & production industry workers ensure full occupancy for times to come.
If you’ve been looking for a safe, stable, well-built investment, this one’s for you!
Share of Labour Force by Occupation
(Environ Analytics)
Northern Ontario – A Golden Opportunity
65 6th Ave is Located in the town of Englehart ON. This town is the geographic midpoint between Kirkland Lake, ON and Temiskaming Shores, ON.
Both these communities are undergoing continued mining expansion and demand for workers in mining, forestry, & support industries remains heavy, with multiple mining companies offering large signing bonuses to workers.
The Median income in Englehart is $61,327 and the median age is 51. (Source: Environ Analytics)
Financials
| 65 6th Ave | |
|---|---|
| Income | |
| Gross Rent | $187,867.20 |
| Laundry Income | $600.00 |
| Air Con / Winter Plugs Income | $3600.00 |
| Total Income | $192,067.20 |
| Expenses | |
| Hydro | $9,957.09 |
| Insurance | $7,703.06 |
| Property Taxes | $14,774.72 |
| Water/Sewer | $9,918.51 |
| Snow Removal | $1,264.13 |
| Management/Cleaning | $5,400 |
| Gas | $5,389.90 |
| Total Expenses | $54,407.41 |
| NOI | $137,659.79 |
| Cap 5.24% | $2,627,095.23 |
| Rents - 65 6th Ave | |
|---|---|
| Bedrooms | Rent |
| 2 | $1,400.00 |
| 2 | $1,138.50 |
| Bachelor | $733.70 |
| 1 | $750.00 |
| 1 | $759.00 |
| 2 | $1,200.00 |
| 2 | $1,350.00 |
| 2 | $961.40 |
| 1 | $910.80 |
| 2 | $961.40 |
| 2 | $1,214.40 |
| 2 | $1,239.70 |
| 2 | $986.70 |
| 1 | $1,000.00 |
| 2 | $1,050.00 |
| Total Monthly Rent | $15,655.60 |
| Total Annual Rent | $187,867.20 |
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