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5614 55 Street in Red Deer: RR Riverside Meadows Multi-Family for sale : MLS®# CA0185838

5614 55 Street Red Deer T4N 2J6 : RR Riverside Meadows

Main Photo: 5614 55 Street in Red Deer: RR Riverside Meadows Multi-Family for sale : MLS®# CA0185838banner
$999,900
Prop. Type:
Multi-Family
MLS® Num:
CA0185838
Status:
Active
Year Built:
1963
THIS 12 SUITE APARTMENT BUILDING, features 11 (2) Bedroom suites & 1 (1) Bedroom suite. FORECASTED INCOME W/ 10% VACANCY RATE WILL BRING IN OVER $100,000/YEAR IN GROSS INCOME! 3% Net Cap rate, based on asking price. Feb-2019 to Jan-2020 gross income at $86,172.00. 2 commercial coin-op washers & dryers. Expenses have been higher than average over the past several years, due to the many upgrades to suites. NEW CARPET, NEW LINOLEUM, FRESH PAINT IN MANY OF THE SUITES, NEW BATHS & more. Not to mention, Roof just resurfaced w/rubber membrane roofing in November of 2019 ($20,000) 6 units are currently Vacant due to renovation work, but are filling up slowly with new rent rates and longer terms. Strong potential to add to your rental portfolio, situated over 5 lots (125' wide) with 20+ stalls for parking. Each unit has one designated stall w/ power plug in. Visit REALTORS® website for more details.
Listing Area:
Red Deer
Listing Sub-Area:
RR Riverside Meadows
County Or Parish:
Red Deer County
Property Type:
Multi-Family
Property Sub Type:
Low Rise (1-4 Floors)
Lot Area:
Switch units of measure0.344 acre(s)
Lot Shape:
Standard
Lot Depth:
Switch units of measure120'
Lot Frontage:
Switch units of measure125'
Title:
Fee Simple
Year built:
1963
Construction Materials:
Frame - Wood
Foundation:
Concrete
Floor Finish:
Carpet, Linoleum
Roof:
Rubber
Heating:
Baseboard heaters, Boiler, Make-up Air
Heating Fuel:
Natural Gas
Water Supply:
Municipal
Sewer:
Municipal
Fire Protection:
Alarm - Automatic, Fire Extinguishers
Num 1 Bed Units:
1
Num 2 Bed Units:
11
Num 3 Bed Units:
0
Num 4 Bed Units:
0
Num Studio Units:
0
Security Features:
Secured Building, Security Door
# Units:
12
Taxes:
$10,267 / 2018
Electric Expense:
2100.0
Gross Operating Income:
86172.0
Gross Scheduled Income:
111900.0
Heating Expense:
4934.0
Insurance Expense:
5069.0
Laundry Income:
65.0
Maintenance Expense:
12000.0
Net Operating Income:
30465.0
Other Expense:
65.0
Professional Management Expense:
5416.0
Total Annual Operating Expenses:
45400.0
Trash Expense:
2900.0
Water Sewer Expense:
5966.0
Inclusions:
12- fridges, 12- stoves, 2 commercial washers 2- commercial dryers, storage shed
Price Excludes:
tenants goods
Possession:
30 Days / Neg
Rent Control:
No
Parking Features:
110 Volt Wiring, Parking - Extra, Parking - Plug-In, Parking Space(s), Public Parking, Rear Parking, Visitor Parking
Parking Places:
20
LINC Number:
0019222455
Zoning:
R2
Listed by Century 21 Advantage
Data was last updated January 23, 2020 at 03:10 AM (UTC)
Benedict Devlin Team

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