RARE opportunity to purchase 12 units in on the main strip in Parkhill, a main route to Grand Bend. With a net income of just under of $110,000 per year before accounting for coin operated laundry. This property is a TRUE 6 cap rate and factors in 4% for management, vacancy, and maintenance. Rarely a vacancy on the commercial units, and currently the corner commercial anchor tenant just renewed for a 5 year term after having been there for over almost 2 decades, another commercial tenant just renewed a 3 year and had been there currently for 3 years. One other just signed a one year lease and the last is coming up for renewal in the new year. Residential units rarely turnover but when they do have been brought up to market rents. Four residential units are still about 60% of market and they offer upside to a new buyer who plans to move into one or potentially two units and combine them as a one unit to live in. Recent appraisal has been done which adds savings to a new buyer as it can be transfered upon an acceptable offer. Many updates over the years; facade painted 2020, common hallways 2021, re pointing over the last two years, 3 of the 4 roofs done in 2019 and 2021 and include a 25 year warranty. This property is a cashcow and generates over $140,000 a year. Property is also 3 seperate parcels that had amalgamated over the years but was purchased as two seperate parcels and could be sold the same way and with some legal work potentially as 3 seperate parcels. This offers flexibility to a buyer that wants personal use of the below market units. Don't miss out on a very rare opportunity to purchase a well run building with a consistently improving rent roll with some major capitalizations done. Lastly the anchor tenant is very helpful with showings/being on site eyes and ears, and has been in the building for years. (id:41195)
Hello Team Beckett!
Kevin and I had an amazing and as stress-free as possible experience despite Terry’s age old saying, “there’s no such thing as stress free real estate”.
We actually met with 3 real estate agents before deciding on teambeckett as we wanted to make the best decision for such a large transaction. By far, teambeckett from the beginning made us feel empowered with all of the knowledge and expertise that was freely shared with us. Time and care was taken with every meeting and no details were spared (Thanks Terry).
We learned so much more this time then with the last real estate experience we had. The whole team remains positive, knowledgeable and confident even when we were feeling pressured and uncertain. Sheri was always available for assistance, giving prompt responses and guidance every step of the way – which we clearly needed. Thanks again, we found our forever home and are so grateful!
Nicole & Kevin
We have used Team Beckett several times to purchase properties over the past 4 years. Sheri and Terry are both amazing to work with. They bring a wealth of knowledge to the table. From helping us look over properties, to providing sound advice, to answering our many questions, they truly go the extra mile. Recently we purchased our new forever home through Team Beckett and sold our current home. The market has changed so drastically in the past months, it was certainly a new experience for us, but Terry and Sheri supported us through all the craziness and in the end, we were able to sell and secure the home we really want. They knew we were not moving for just any home, they respected our decision and offered solutions to make it happen. We are so thankful to have them in our corner and will definitely use them again for our future real estate needs.
John and Tamarah
I wish to thank you and your Team for selling my home and finding my dream home!! All of you worked so hard and kept my children included, an aspect that was important to me.
I enjoy receiving the Real Estate information you send me periodically and staying in touch!
If I know of anyone thinking of buying or selling, I will highly recommend your team!
St. Thomas Ontario
We appreciate all the help you have given us since we first met with you. We liked that you did not push us to buy any house but patently showed us many [different] houses. When we had questions, you were quick to reply whether or not you had the answer. We also appreciate that you don’t leave us in the blank once we had purchased our house but still communicate occasionally. Overall we are VERY HAPPY with your service!!
Andrew & Leanne
Please accept our heartfelt appreciation for all your help!
When you called me on Saturday to say that everything went well I was left in a state of shock as Mario and I never thought this day would ever happen. I never took that opportunity to thank you and your staff properly.
If ever we hear of someone needing to sell or buy you will be the first name to cross our lips.
Again THANK YOU Joyce for all your help, and for not losing faith in the ability to sell that house!
Nikki and Mario Bertoia