For sale · MLS® 1302090
6 Riverview Avenue
Mount Pearl, NL, A1N1M1
List price
$475,000
About this propertyMLS® 1302090
Exceptional investment opportunity or ideal owner-occupied income property! This well-maintained 3-unit home offers strong rental potential on a large, mature lot in the heart of Mount Pearl. The spacious main floor unit features 3 bedrooms and 1 full bathroom and is currently vacant, making it perfect for an owner-occupant or to set your own market rent. Previously rented for $2,100/month, this bright unit offers a huge living room, an oversized kitchen with a peninsula, a dedicated laundry room, and the potential to create a fourth bedroom for even greater value. The recently renovated 2-bedroom basement apartment is finished with a modern kitchen, newer appliances, its own laundry, and a full bathroom. This unit is currently rented for $1,100/month. A separate 1-bedroom, 1-bathroom basement unit offers a functional layout complete with its own laundry, kitchen, pantry, and private living space. This unit is currently rented for $1,200/month, providing an additional income stream. Outside, you'll find a large, mature lot with two separate driveways providing ample parking for multiple vehicles, along with a spacious detached garage offering excellent storage or workshop space. Whether you're looking to expand your investment portfolio or offset your mortgage by living in the spacious main-floor unit while collecting rental income from the two basement apartments, this versatile property offers outstanding value and excellent income potential, with projected gross rental income of $4,400 per month when the main floor is rented. As per sellers direction there will be no conveyance of offers until 4PM Monday August 24th, all offers to remain open until 8PM same day (id:56688)
Property details
Coordinates: [47.520365, -52.800069]
Rooms
| Lower level | Laundry room Bath (# pieces 1-6) Not known Not known Not known Not known Not known Bath (# pieces 1-6) Not known Not known Not known | x 0 null 4PC null 11 x 10 null 10 x 10 null 11 x 11 null 11 x 11 null x 0 null 4PC null 12 x 12 null 12 x 10 null 15 x 10 null |
| Main level | Laundry room Bath (# pieces 1-6) Bedroom Bedroom Bedroom Living room Eat in kitchen | 7 x 7 null 4PC null 10 x 10 null 10 x 10 null 12 x 12 null 20 x 14 null 18 x 10 null |
Basic Calculator
First Mortgage: $380,000
Mortgage insurance premium: $0
Total Financing: $380,000
Rough closing fee (1.5%): ~ $7,125
Total downpayment with estimated closing fee: $102,125
Investment Calculator:
| Monthly | Yearly | |
|---|---|---|
| Gross Revenue | $3,301 | $39,612 |
| Gross rental income (income/principal ratio) | 0.695% | 8.339% |
| Mortgage | $0 | $0 |
| Monthly Expenses | $594 | $7,128 |
| Vacancy | $166 | $1,981 |
| Management Fee | $265 | $3,169 |
| Expense / Income Ratio | 17.99% | 17.99% |
| Cash Flow | $2,278 | $27,336 |
| Net Operating Income (NOI) | $2,278 | $27,336 |
| Capitalization Rate | 0.48% | 5.75% |
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