Friday, February 19, 2010

4-plex opportunity

Here is an opportunity to own a ONE year old fourplex apartment building just on the cusp of Ottawa in Rockland. There has been significant development in Rockland including 1/2 million sqft of commercial space, a huge new community center and soon the new Hockey Canada school.

This property is actually 4 seperate individual condos within one building meaning in the future, the property can be sold as one 4 unit building or as 4 individual condominium flats. The units are two bedroom and one bathroom.  It is a one year old - brick with siding highlighted building - click here to see the exteriors.




8 comments:

  1. Is it fully rented, are the tenants willing to make long commitment by a lease?

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  2. Yes, they are fully rented, most tenants are on month to month leases. There one year has expired at this point.

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  3. Do you know if they are wulling to go on living there?

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  4. None of them have provided notice yet. We could ask the seller if they could get the people onto a proper lease.

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  5. I would appreciate if you did this.

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  6. Nneka,
    We need to get together and put an offer on the property. A condition of the offer would be to have one year leases on the units.

    When are you available to meet and sign the offer?

    Greg - gblok@kwottawa.ca

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  7. Hi Greg,

    You state that the 4 units are already condo's. Does this mean they are already seperate entities or do you mean that the 4 units can be turned into seperate entities and can therefore be sold seperatley in the future?

    Whether or not this is the case, what is needed to turn the units in any type of multi-unit home/building into seperate entities that may be sold individually? For example, necessary parkings spaces, fire retrofit etc..

    Thanks,

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  8. Upon closing, the property will be one condo, containing four units, therefore, down the road, you may sell the property as one four unit building or sell it as four individual units. Please consult a lawyer to get the firm details on rendering a condo dormant and then reviving.

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