Great opportunity to purchase a 42 unit apartment building in Downtown Vernon that has been upkept and well maintained over the years. 38 of the 42 units have been renovated over the past 6 years with newer bathroom and/or kitchens, new laminate flooring refreshed carpets and cabinets. Roof replaced in 2013m with new intercom system that links to tenants cellphones. Great revenue, 41 or the 42 units currently leased. The property is zoned RH3 (High-Rise Apartment Residential) allowing for 65 units per acre with potential to increase to 79 units per acre.
NOI is $481, 201 and is a 5.07% cap rate. Share sale and assumable CMHC financing in place until June 1, 2033 at 3.82% rate.