FOR SALE - Cushman & Wakefield Kingston
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FOR SALE 44-62 Barbara Avenue Kingston, Ontario 44 - 50 Barbara Avenue TWO TOWNHOUSE BUILDINGS COMBINED 10 x 3-BEDROOM UNITS Asking $2,200,000 Value-Add Opportunity! 52 – 62 Barbara Avenue Scott Botting, B.Comm Martin L. Skolnick Cushman & Wakefield Kingston Broker Broker / Vice-President 78 Brock Street 613-542-2724 ext. 33 613-542-2724 ext. 27 Kingston, ON K7L 1R9 scott.botting@cwkingston.com martin.skolnick@cwkingston.com www.cushmanwakefieldkingston.com
FOR SALE 44-62 Barbara Avenue Kingston, Ontario SITE DETAILS PT LT 24 CON 2 KINGSTON AS IN FR499506 T/W Legal Description FR499506; KINGSTON ; THE COUNTY OF FRONTENAC Lot Size / Coverage 0.69 +/- acres (120.01 ft x 249.54 ft) / 19.49% +/- 12 min walk Completed by Hopkins Chitty Land Surveyors Inc., (1 km) from Survey dated April 9, 2021 Kingston PIN 360690007 Secondary School A5 (Legal non-conforming 10 units as verified by the and Molly Brant Zoning City of Kingston) Elementary School Official Plan Residential (RES) Taxes (2020 Final) $17,382.84 10 min walk Parking Spaces 23 +/- spaces (gravel) (750 m) from Regiopolis-Notre Phase I ESA completed by Safetech Environmental Environmental Limited, dated December 4, 2020 Dame Catholic Owner/Seller Barbara Towns LP & Barbara Towns GP Inc. High School LOCATION The property fronts on the south side of Barbara Avenue just east of Alfred Crescent in the well-established and revitalizing Kingscourt Neighbourhood. According to CMHC stats there are only 24 3-bedroom rentals included in the 246-unit inventory within the Kingscourt neighbourhood. 10 of these units (or 42%) are offered in this investment opportunity. Cushman & Wakefield Kingston / Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. CW1
FOR SALE 44-62 Barbara Avenue Kingston, Ontario IMPROVEMENTS The property is improved with two purpose-built townhouse buildings offering a total of ten 3-bedroom rental units. All units are nearly identical in layout with a main-level containing a kitchen, dining, and family room, a second floor with three bedrooms and 3-piece washroom, and a basement with mechanical systems, storage areas, and varying degrees of finishes. A typical unit floor plan is attached on the following page. BUILDING DETAILS 44 – 50 Barbara Avenue 52 – 62 Barbara Avenue Gross Building Area 4,720 +/- sf (excluding basements) 6,996 +/- sf (excluding basements) Building Age Circa 1960 Circa 1960 Floors 2 floors, plus full basement 2 floors, plus full basement Typical Unit Size 1,035 +/- square feet, plus 520 +/- sf 1,035 +/- square feet, plus 520 +/- sf basement basement Suite Mix 4 x 3-bedroom units 6 x 3-bedroom units Total Bedrooms 12 18 Utility Metering Hydro, gas, and water/sewer metered Hydro, gas, and water/sewer metered separately to each unit. separately to each unit. Heating Each unit has dedicated furnace in Each unit has dedicated furnace in basement basement Electrical Supply 60 Amp, 240 V service to each 60 Amp, 240 V service to each apartment apartment Hot Water Each unit has dedicated hot water tank Each unit has dedicated hot water tank in basement in basement Entry / Exit Each unit has dedicated front and rear Each unit has dedicated front and rear entrance/exit doors entrance/exit doors Appliances Owned 4 gas-fired hot water tanks 6 gas-fired hot water tanks (Tenants own their refrigerators and (Tenants own their refrigerators and stoves) stoves) Roof Sloped, asphalt shingles Sloped, asphalt shingles Construction Masonry block foundation, wood-frame Masonry block foundation, wood-frame construction with exterior brick veneer construction with exterior brick veneer Cushman & Wakefield Kingston / Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. CW1
FOR SALE 44-62 Barbara Avenue Kingston, Ontario TYPICAL FLOOR PLAN (54 BARBARA AVENUE) Main Floor – 517 sf Second Floor – 518 sf CLICK VIRTUAL TOUR 360° Basement – 521 sf Cushman & Wakefield Kingston / Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. CW1
FOR SALE 44-62 Barbara Avenue Kingston, Ontario PHOTOS Cushman & Wakefield Kingston / Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. CW1
FOR SALE 44-62 Barbara Avenue Kingston, Ontario RENT ROLL Current/Previous Unit Bdrms Market-Adjusted Rent N11 Termination Date Monthly Rent 44-50 Barbara Avenue 44 3 $863.00 $1,700.00 April 30, 2021 46 3 $837.00 $1,700.00 April 30, 2021 48 3 $950.00 $1,700.00 June 30, 2021 50 3 $884.00 $1,700.00 July 1, 2021 52-62 Barbara Avenue 52 3 $980.00 $1,700.00 April 30, 2021 54 3 $1,200.00* $1,700.00 Vacant Now 56 3 $861.00 $1,700.00 None 58 3 $884.00 $1,700.00 April 30, 2021 60 3 $449.63 $1,700.00 None 62 3 $884.00 $1,700.00 April 30, 2021 Total Monthly $8,792.63 $17,000.00 Total Annual $105,511.56 $204,000.00 * Unit 54 is now vacant and will be held vacant. Current/Previous Monthly Rent shown is an estimate of achievable market rent with minor investment into the unit. Market-Adjusted Rents have been estimated based on market rental data and an assumption of significant renovations being undertaken to the rental units, including but not limited to, installation of new kitchens and washrooms, new flooring, doors and hardware, trim, and paint, and exterior landscaping. N11 (Agreement to End the Tenancy) Forms have been secured for 7 of 9 remaining rented units, allowing an investor to purchase the property and immediately begin a substantial portion of planned improvements. Cushman & Wakefield Kingston / Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. CW1
FOR SALE 44-62 Barbara Avenue Kingston, Ontario INCOME & EXPENSE PROFORMA Market-Adjusted Rents (RECONSTRUCTED) & Expenses Gross Income: Rental Income $204,000.00 Gross Potential Income $204,000.00 Combined Operating Expenses: Realty Taxes (2020 Final) $17,382.84 Insurance $8,000.00 Repairs & Maintenance ($750 per Unit) $7,500.00 Pest Control $500.00 Snow Plowing & Landscaping $2,500.00 Property Management (5%) $10,200.00 Advertising $1,000.00 Right-of-Way Cost Sharing (Estimate) $1,200.00 Total Operating Expenses $48,282.84 Estimated Net Operating Income (Projected) $155,717.16 Cushman & Wakefield Kingston / Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. CW1
FOR SALE 44-62 Barbara Avenue Kingston, Ontario SURVEY Scott Botting, B.Comm Martin L. Skolnick Cushman & Wakefield Kingston Broker Broker / Vice-President 78 Brock Street 613-542-2724 ext. 33 613-542-2724 ext. 27 Kingston, ON K7L 1R9 scott.botting@cwkingston.com martin.skolnick@cwkingston.com www.cushmanwakefieldkingston.com
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