BUILDING WITH NO HEAT
It’s not too often but it does happen that realtors get emergency calls. It could be from an elder who has to make an urgent transition, sell her/his home, refinance it, what-have-you. That’s why we formed Phoebe Services this year.
Being a realtor can mean you are in a helping profession. Corny but true.
picture of Prof Bruce (when he had hair) trying not to panic about a building with no heat
But here’s another example–I got a call yesterday from a client who owns a fine building in Arnprior that has had an electrical fire and consequently has no heat. The problem? His insurance claim has not been settled and winter is here across much of North America.
What’s the quickest way to take down a building in Canada? Leave it with no heat or open to the elements for a winter, that’ll do it. So now I have a distress sale on my hands and it’s urgent.
If you know anyone who is a bit adventurous, likes real estate, doesn’t mind some work, and wants to diversify her/his investment portfolio with a small scale commercial/residential project with a great return, then this is for him or her or you. Please pass it along.
Location: centre of town, close to shopping and Trans Canada highway (17) as well as Mississippi river
Property Type: urgent sale required. Fire has damaged furnace & electrical panel. ~$25k in immediate repairs needed. Vacant & available for immediate possession. Restaurant equipment available. Apartment water heaters owned. Gas water heater for restaurant rented. Cap rate is outstanding at 18.9% (est) + even higher ROE. Potential for significant gain by buying distressed property. 1,800 sf pizza store on ground floor with full basement plus 2, 1-bed apartments on the 2nd floor and 1, 2-bed apartment on the 3rd floor. It’s on a main street and is worth more than its asking price but this is a distress sale. Lots of room for income and capital growth…
Remarks: opportunity for immediate gain. Priced to sell. Patio of 8’ by 50’ w/ wrought iron fence & wall mural. Terrific signage. Two, 1-bed apartments on 2nd floor and one, 2-bed apartment on 3rd floor, all separately metered. Excellent location close to schools, shopping, other attractions, river, parks… Includes 3 fridges, 3 stoves.
Directions: from Canadian Tire Centre in Kanata, take hwy 417 to Arnprior. Exit onto Daniel street. Proceed to t-intersection with Madawaska boulevard, turn north, look for c21 sign on your left. 27 mins, 42.5 kms.
MLS # 934529
list price $200,000
adjusted, reconstructed NOI $49,600
cap rate 18.9% pa
Get the spreadsheet in .xlsx format http://old.dramatispersonae.org/images/60-madawaska-cap-rate.xlsx
Why invest in real estate http://www.eqjournal.org/?p=434
Real estate investing made easy http://www.eqjournal.org/?p=2828
7 reasons why you should own your own real estate http://profbruce.tumblr.com/post/102451273834/own-your-own-place-of-business
Bruce M Firestone, broker
Century 21 Explorer Realty Inc
Tel: 613.422.6757 x 250 Fax: 613.422.2807
ICI Salesp Detail w/Photo
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