Thursday, June 25, 2015
Sandy Hill - Student Housing Opportunity
This Daly Avenue property is centrally located in Sandy Hill on the north side between Cumberland and King Edward. It is located in an excellent well sought-out prime residential area where property owners take great pride in their investments. There are numerous luxury condo buildings developed in the vicinity over the last few years. It’s in the heart of the University of Ottawa campus and is within walking distance to the Byward Market, Parliament Hill, National Art Centre, Ottawa Little Theatre, etc. It has good highway access with convenient bus routes and all shopping facilities are within walking distance – Rideau Centre, 24 hrs Metro & Loblaws grocery stores, LCBO, Pharmacy, Post Office, etc. The property has an excellent curb appeal, shows very well and has a majestic presence on the street.
In 2005, a new 4-storey independent addition comprising of eight (8) 1-bedroom apartments was professionally built at the rear of the front building. The exterior of the addition is superbly finished in stucco. The newer apartments have been built to a high specification featuring hardwood in foyer, living/dining room & kitchen, new appliances, full bathroom & L-shaped functional kitchen with exhaust fans, balconies off the kitchen, mirror foyer closet door, maintenance-free casement windows throughout, separate hot water tank for the addition, roof top make-up fresh air system, etc. Also, new underground sanitary, storm, water and electrical services were installed on the property.
There is an all brick building in the front measuring approximately 6,000 sq. ft. It has 10 to 12ft high ceilings and has the warm charm of old Victorian architecture and elegance that gives it a unique character. It has three floor levels plus a finished lower level area with walkout access to the rear. It has one 4-bedroom apt (third floor), one 3-bedroom apt (lower level) and 10 private bedrooms on the first and second floors that share 3 bathrooms, 1 large kitchen, and a huge living room with a fireplace. There is a private covered deck at the side of the ground floor that is used by the residents to relax. In 2005, this front building was fully renovated including installation of new 400 amps electrical system, new fire-alarm system, complete fire-retrofit, new windows, complete painting, exterior brick pressure cleaning & repointing, paving driveways, landscaping, new fencing, etc. A new roof was added to the front property in 2011.
The prime desirable downtown location combined with excellent condition of this property makes it an extremely attractive quality investment. All 17 rooms in the front house are leased to University of Ottawa female students with 17 individual leases that are co-signed and guaranteed by their parents.
Total units – 26
Gross rent - $241,760
Operating expenses - $48,390
Net Operating Income - $231,282
Cap Rate – 7.7%
Listing price for this property is $3 M