About the property (MLS: 1279727):
Attention investors and contractors - Great renovation potential or commercial opportunity. All three levels have framing exposed, the roof was shingled in 2023 and the property is ready to be renovated for the purchasers desired use. The property is zoned Residential Mixed (RM) permitting a number of different applications & discretionary uses such as a two-apartment home, office space, bed and breakfast, retail uses, and more, subject to approvals. Savvy investors should take note of the City's new (RM) zoning text amendments which could allow for higher density usage. Ample parking available with spaces in the front of the building and full drive-in rear access suitable for a parking lot. Property also features a small outbuilding for storage. Great opportunity for a savvy buyer in a growing part of the City's West End, just outside of the downtown area and located next to the growing Urban Market, Cove Bouldering Gym & LeMarchant business area. Please note that all measurements provided are approximate and should be independently confirmed by the purchaser. Any necessary permits, approvals, applications or associated fees will be the responsibility of the purchaser. Sale of property is HST applicable as previous use was a commercial property. Sold as is where is. (id:56688)
Property Details
Listing ID: 27671689
Address: 296 LeMarchant Road, St. John's, Newfoundland & Labrador, Canada A1E1R2
Status: Active
Last updated: a month ago ( Dec 9, 2024 )
Year Built: 1950
Property Type: Single Family
Architectural Style: 2 Level
Structure Type: Two Apartment House
Ownership Type: Freehold
Beds: 0
Baths: 0
1/2 Baths: 0
Heating: Electric
Sewer: Municipal sewage system
Living Area Total: 2,600 square feet
Price per sq ft: $85
Tax Annual Amount: $0
Garage? No
Attached Garage? No
Carport? No
Open Parking? No
Waterfront? No
Pool? No
Water Source: Municipal water
Foundation Details: Concrete
Heating: Electric
Exterior Features: Vinyl siding
Common Interest: Freehold
Number of photos available: 18
Rurl
Coordinates: [47.552066, -52.725456]
Rooms
Second level | Other | 40 x 20 null |
Basement | Other | 40 x 20 null |
Main level | Other | 40 x 25 null |
Basic Calculator
First Mortgage: $175,920
Mortgage insurance premium: $0
Total Financing: $175,920
Rough closing fee (1.5%): ~ $3,299
Total downpayment with estimated closing fee: $47,279
Investment Calculator:
Monthly | Yearly | |
---|---|---|
Gross Revenue | $2,861 | $34,332 |
Gross rental income (income/principal ratio) | 1.301% | 15.613% |
Mortgage | $0 | $0 |
Monthly Expenses | $275 | $3,300 |
Vacancy | $144 | $1,717 |
Management Fee | $229 | $2,747 |
Expense / Income Ratio | 9.61% | 9.61% |
Cash Flow | $2,215 | $26,580 |
Net Operating Income (NOI) | $2,215 | $26,580 |
Capitalization Rate | 1.01% | 12.09% |