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Air BnB hotel concept
I think this would be an amazing place for an Air BnB hotel type concept. It is 26 units, in two buildings just blocks from the market. The majority are one bedrooms. The effective age is approximately 3 or 4 years old.
Cheapest hotel is usually 'Les Suites' and it is about $150 per night. If you can rent these at $110 per night, per unit, with 50% occupancy, that is a gross rent of $43,615 per month ($523,380 annually).
Annual insurance, utilities and taxes are $63,513.52
This is about $2,287.50 per month (similar to a furnished rental rate from the government). I could arrange for a company to completely furnish the suites for about $10,000 per unit (furniture, linens, dishes, etc)
In other cities, owners hire a property manager who advertises, cleans the units, handles all the inquiries, bookings, etc and gets paid in the range of 20%. I think you could probably bring this down a bit. That would work out to about $104,676
Since these would not be rented on longer term leases, you would not be subject to the Landlord Tenant Act (imo - would need to verify with a lawyer).
They are asking in the $5.8m range, but I am sure there is some flex.