2115-2125 De La Montagne Street Montréal, Québec - Investment opportunity - LoopNet
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
2115-2125 De La Montagne Street Montréal, Québec Investment opportunity
2115-2125
De La Montagne Street
Montréal, Québec
Investment opportunity
The Opportunity
Avison Young is proud to present this exceptional 2115-2125 De La Montagne Street is located in
opportunity to purchase and own a one-of-a- the Ville-Marie Borough of Montreal, on the east
kind, historic property located in the heart of side of De La Montagne Street. The property is in
Golden Square Mile in Downtown Montréal, steps proximity of the Ritz-Carlton Hotel, the Montreal
from Sainte-Catherine Street West and high-end Museum of Fine Arts, both Concordia and
retailers such as Ogilvy Holt Renfew and Escada. McGill Universities, along with several office and
residential towers. It is also located at a walking
Built in 1892, 2115-2125 De La Montagne Street is distance of the Peel and Guy-Concordia metro
a historical gem with exceptional cachet. Carefully stations. The property is also easily accessible from
maintained over the years, the property offers Highways 720, 15 and 20.
three floors of office space, a retail unit in the
basement and a rooftop terrace.
With a total leasable area of 8,972 square
feet, this property represents an outstanding
opportunity for an owner/occupant investor
as the top three floors of the building can be
delivered unencumbered by leases for a total of
approximately 7,000 square feet. Conversely, as
an investment, the property can be sold with the
top three floors leased back to current ownership
for a five-year period (see leaseback scenario on
page 11).
2115-2125 De La Montagne Street | page 2
The Building The Site
Three-storey with basement
Type Legal Description 1 338 848, Cadastre of Québec
commercial building.
Year of
1892, rear part extended in 2005. Site Area 3,126 square feet
construction
Quarry stone and mortar poured
Foundation Configuration Regular
concrete.
Wood and masonry bearing walls. Frontage on de la
24 feet
Floor structure Steel for the rear part, which was Montagne Street
extended in 2005.
Zoning
Mostly built-up composition. 0079
Designation
Roof Small portion in asphalt shingles in
M.8C : Mixed-zone allowing
dome shape.
Permitted Uses commercial sales and services of
Sandstone, brick and some metal medium intensity
Exterior walls
siding.
Rear: 9.85 feet
Aluminum and wood-framed Minimal Setbacks
Sides : 8.20 feet
windows.
Openings Steel-framed doors and Permitted Heights Maximum: 45.93 feet (3 storeys)
commercial-type wood-framed
glass doors.
Maximum Density 3
Gypsum and board plaster ceilings.
Hardwood, ceramic tile and carpet
Interior finishes floors. Gypsum board, plaster, Ground Coverage Maximum: 100
wood trim and exposed brick
Minimum:
divisions.
Parking 1 space per 3,767 square feet
Upper floors are heated and air Requirements Maximum:
conditioned by a combined roof- 1 space per 1,615 square feet
mounted electric HVAC system.
Heating and
There are also electric baseboards Acquired Rights No
Air Conditioning
for heating. The basement is
equipped with a separate air
conditioning unit.
Main entrance: 600 amperes.
Electricity Incandescent and fluorescent
lighting.
Automatic wet sprinklers with heat
Security
sensors and emergency lights.
Other Garage with two parking spaces.
2115-2125 De La Montagne Street | page 4
Building Area Condition
The building has been extensively renovated
Basement 1,764 square feet over the years and is in very good condition. The
building extension in 2005 adds 1,585 square feet
Ground Floor 2,320 square feet of office space. Previously, major renovations had
been completed around 1998 (roofing, HVAC,
2nd Floor 2,320 square feet windows). Most recently, in 2015 and 2016, the
roof was repaired, the entire second floor was
3rd Floor 2,320 square feet renovated, the washrooms on all floors were
updated and the commercial space was recently
Sub-Total 8,724 square feet refurbished. Overall, the building is considered
to be in good condition, with no need for major
Garage & Storage 572 square feet repairs.
Total Gross Area 9,296 square feet
Total Above Grade 6,960 square feet
Leasable Areas
Commercial
1,700 square feet
(Basement)
Office
6,700 square feet
(GF, 2nd and 3rd)
Garage & Storage 572 square feet
Total Gross
8,972 square feet
Leasable Area
2115-2125 De La Montagne Street | page 5
Floor Description
The front portion of the basement
currently consists of a retail space that
is mostly open, with fitting rooms and
a storage space in the back. The back
Basement
portion of the property, which was
expanded and recently renovated,
consists of a garage space for two
vehicules.
The front portion of the ground floor
includes a small lobby with fireplace, a
wooden staircase, a large room with a
fireplace currently used as a meeting
room and a living room with a third
fireplace that connects to the front
Ground Floor room. All components at the front of
the building have original woodwork,
brick walls and boast incredible cachet.
The back portion of the ground floor
comprises a small kitchen area, a
meeting room, a closed office and a
large area for 4 to 8 workstations.
The second floor of the building
includes large, closed offices in the
front portion of the building, as well
Second Floor as a large washroom with a shower.
The back portion of the second floor
includes a large office area for 6 to 10
workstations, as well as 4 closed offices.
The third floor of the building includes
large, closed offices in the front portion
of the building, as well as a washroom.
The back portion of the third floor
Third Floor includes a large office area for 6 to 10
workstations, as well as another open
office area for 4 to 8 workstations. The
third floor also includes a beautiful
skylight over the top of the staircase.
The rooftop of the property includes
Rooftop a beautiful terrace ovelooking Golden
Square Mile from the 4th floor.
2115-2125 De La Montagne Street | page 6
2115-2125
De La Montagne Street
Montréal, Québec
Investment opportunity
McGill University
Hudson’s Bay
Redpath Museum
McCord Museum
Promenades de la Cathédrale
MA MC
CT GI
AV LL
I SH CO
L
ST
RE
ET
LE
GE
AV
McGILL
E NU
E
MA
NS
Eaton Centre
PE
EL FIE
ST LD
RE ST
ET RE
ET
ME
TC
A LF
ES
T
ST
AN
LE
Hotel Omni Mont-Royal
RE
ET
YS
TR
EE
T Hotel Le Cantlie
DR Sofitel Montréal
UM
MO MAA Sports Club
ND
ST
Club RMount
EE
T Royal Place Ville Marie
DE
LA
MO
NT
AG
N ES
Escada
T
TR
ES
EE
Ritz-Carlton PEEL
W
T
Canada Goose
ET
RE
DU Maison Boulud
ST
MU
KE
SÉ
Tiffany & Co H&M
OO
ES
TR
BR
EE
T
T
ER
ES
Holt Renfrew
SH
DW
AR
Le Pois Penché
EV
Anthropologie Christofle
UL
RE
Club Mount Stephen
BO
DP
AT
Mont Blanc
VE
H
ST Château d’Ivoire
EU
RE C
T
E RE
NN
ES
T
Montreal Museum of Fine Arts SC
W
ISO
EN
TFour Seasons Lowes Hotel Vogue
ET
TS
MA
RE
R
NespressoEET
ST
SIM
Marcus
DE
PS
NE
ON
RI
ST BI
TE
RE SH Ogilvy Holt Renfrew Urban Outfitters
AH
ET OP
ST
-C
Sir Winston RE
ET Churchill Complex
TE
Mackage
IN
Apple Store
SA
COS
MA
CK
La Queue de Cheval
T
AY
ES
S TR
DW
EE
T
AR
Hurley’s Irish Pub
EV
UL
Rudsak
BO
UE
SQ
VE
-LÉ
GUY-CONCORDIA
NÉ
Structube
RE
Concordia UniversityGolden Square Mile
The shining beacon of central Montréal, the The Golden Square Mile is also known as an
Golden Square Mile has been home to glitz and outstanding shopping destination, with luxury
glamour since the 19th century. First established boutiques ranging from Holt Renfrew to Tiffany’s,
during the late 18th century as a peaceful Swarovski and Escada, as well as Montreal Museum
neighbourhood within reach of the Old Port, then of Fine Arts’ M Boutique and the numerous private
considered “downtown”, the area owes its iconic designer studios along Sherbrooke Street West.
Victorian mansions and commercial buildings to
the 1850s, when it became the seat of Montréal’s The sector is also home to La Maison Ogilvy, which
impressive wealth. In fact, 80% of Canada’s wealth includes a new luxury shopping concept, Ogilvy
was concentrated in the Golden Square Mile at Holt Renfrew, as well as a Four Seasons Hotel
the turn of the 20th century. The area’s inhabitants and world-renowned restaurant Marcus. Other
included Montréal’s most famous families – nearby hospitality establishments include Hôtel
industry leaders of mostly Scottish descent – Le Germain, Hôtel Omni Mont-Royal, Le Mount
including the McGills, the Stephens, the Allans Stephen Hotel, Loews Hôtel Vogue, Ritz-Carlton
and the Baggs. Montréal and Sofitel Montreal Golden Mile.
The Golden Square Mile is known to many as
Quartier des musées, because of its illustrious
cultural destinations. It is namely home to the
McCord Museum, the Montreal Museum of Fine
Arts and the Redpath Museum, drawing over
a million visitors to the area each year – not to
mention the dozens of private galleries along
Sherbrooke Street.
The name, Golden Square Mile, comes from the
area’s commercial prosperity, a trait that remains
to this day. The area remains true to its namesake
thanks to the top firms that have established
along Sherbrooke Street, as well as the many
luxury hotels and fine dining establishments in
the neighbourhood.
At the foot of Mount Royal, the Golden Square
Mile is home to McGill University, with Concordia
University located a few blocks west. The
neighbourhood is therefore home to two of
Canada’s most renowned universities.
2115-2125 De La Montagne Street | page 93 floors
(2005)
3 floors
Floor Plan
3 floors
main
entrance
balcony
entrance
basement
2115-2125 De La Montagne Street | page 10Leaseback Analysis Asking Price
Potential Revenue Projection Asking Price $5,650,000
Basement @$40.00 NN X 1,764 sf $70,560
1st Floor, Front @ $50.00 NN X 1,183.2 sf
(60% of gross area - 15% common area)
$59,160
Evaluation & Taxes
1 Floor, Back @ $20.00 NN X 788.8 sf
st
$15,775
(40% of gross area - 15% common area)
2nd Floor @ $20.00 NN X 2,320 sf $46,400 Assessment, Land (2020-2021-2022) $1,089,000
3rd Floor @ $20.00 NN X 2,320 sf $46,400 Assessment, Building (2020-2021-2022) $936,800
Garage @ $350/month X 2 spaces $8,400 Total Municipal Assessment (2020-2021-2022) $2,025,000
Total Net Potential Revenue $246,696 Municipal Taxes (2020) $65,554
School Taxes (2019-2020) $2,759
Purchase Price @ 4.5% $5,482,133.33 Total Taxes (2019-2020) $68,313
Purchase Financing @ 75% of P. P. $4,111,600.00
Cost of Money @ 3.5% $143,906.00
Cash-in @ 25% $1,370,533.33
Cash Flow $102,790.00
Leveraged Return 8%
Assumptions
Basement is released @$40.00 NN
Vendor leases back top 3 floors for 5 years
2115-2125 De La Montagne Street | page 112115-2125 De La Montagne Street Montréal, Québec Investment opportunity To plan a visit, obtain further information or learn more about Avison Young’s comprehensive range of services, please contact: Thomas (Tom) Godber Principal Chartered Real Estate Broker tom.godber@avisonyoung.com T 514.905.5440 Robert Emblem Vice President Real Estate Broker robert.emblem@avisonyoung.com T 514.360.3641 Avison Young Québec Inc. Commercial Real Estate Agency 1200 McGill College Avenue Suite 2000 Montréal, Québec H3B 4G7 T 514.940.5330 F 514.940.5331 avisonyoung.com
You can also read
