Wednesday, February 27, 2013

Byward Market Flip

Often the most successful flips are when a property is converted from one use to another.  The most common one, is converting a bungalow to a duplex.  This will increase the rental income and usually the value of the property because it is no longer a bungalow, but now an income producing duplex.

Rarely, do you see an opportunity to do the opposite, but an interesting option recently presented itself.  at 140 Clarence, in the Byward Market, there is a 4 one bedroom unit apartment building.  It is a lovely heritage frontage property at the corner of Dalhousie and Clarence.  The location is superb, mere blocks from the Byward Market building. 

During a recent conversation with the city, it was revealed that the city would support conversion of this property from a 4 unit apartment to two luxury townhomes.  There are no real comparables to the location and potential of these properties, but a listing in the $700,000 plus range is not unreasonable.

Purchase price is - $949,500
Projected sales price - $1,400,000 
Renovations - ?
Potential Profit - approx. $200,000 plus
If flipping houses in Ottawa is your passion, please contact the Bennett Property Shop Realty Brokerage. 

E and OE.
Proformas are for illustrative purposes only. Cash flows will vary during brief periods of vacancy

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