About the property (MLS: 1281000):
This centrally located 2-story, 2 APARTMENT home offers the perfect blend of modern updates and rental income. The main level apartment is flooded with natural light, has great views of the city and is two levels - making it an ideal unit for someone to live in or to rent to the extremely competitive St. John's rental market. High ceilings make it feel very spacious and it the apartment is well maintained by the current tenants. The basement apartment features many recent updates, 1 bedroom and its own laundry! Currently vacant, the new owner could move right in or rent it to complete this income property. Located in the heart of the St. John's downtown core, this home is within walking distance to all amenities and provides an excellent opportunity for an investor or someone trying to minimize their costs and live cheaper than renting. Under $220,000 this is an unbelievable opportunity for someone to enter the real estate market or develop a real estate portfolio on the road to financial freedom! (id:56688)
Property Details
Listing ID: 27810411
Address: 10 Lemarchant Road, St. John's, Newfoundland & Labrador, Canada A1C2G5
Status: Active
Last updated: a month ago ( Jan 16, 2025 )
Year Built: 1914
Property Type: Single Family
Architectural Style: 2 Level
Structure Type: Two Apartment House
Ownership Type: Freehold
Beds: 3
Baths: 2
1/2 Baths: 0
Heating: Baseboard heaters, Electric
Sewer: Municipal sewage system
Flooring: Mixed Flooring
Living Area Total: 1,530 square feet
Price per sq ft: $144
Tax Annual Amount: $1,975
Garage? No
Attached Garage? No
Carport? No
Open Parking? No
Waterfront? No
Pool? No
Appliances: Washer, Refrigerator, Stove, Dryer
Water Source: Municipal water
Foundation Details: Concrete
Heating: Baseboard heaters, Electric
Flooring: Mixed Flooring
Exterior Features: Vinyl siding
Common Interest: Freehold
Number of photos available: 16
Rurl
Coordinates: [47.563657, -52.715477]
Rooms
Basement | Bath (# pieces 1-6) Bedroom Living room Kitchen | 3 pc 9 x 8.5 null 12 x 9.5 null 10 x 5 null |
Second level | Bedroom Bedroom Bath (# pieces 1-6) | 12.5 x 11 null 12 x 11 null 3 PC null |
Main level | Porch Laundry room Living room Not known | 6 x 5 null 6 x 5 null 13 x 13 null 12 x 8 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 | $1,684 | $20,208 |
Gross rental income (income/principal ratio) | 0.766% | 9.190% |
Mortgage | $0 | $0 |
Monthly Expenses | $275 | $3,300 |
Vacancy | $85 | $1,011 |
Management Fee | $135 | $1,617 |
Expense / Income Ratio | 16.33% | 16.33% |
Cash Flow | $1,191 | $14,292 |
Net Operating Income (NOI) | $1,191 | $14,292 |
Capitalization Rate | 0.54% | 6.50% |