The property has been extremely well maintained and managed, and the units show exceptionally well. From an operating standpoint, the ownership structure is particularly attractive: the owner is responsible only for the municipal taxes, school taxes, and building insurance, while the tenants are responsible for all the utilities.
The building has benefited from numerous improvements over the years. The windows have been replaced in recent years and are in excellent condition. The electrical systems have been updated, with breaker panels throughout, and the plumbing has also been updated. Two units have recently undergone complete renovations: Unit 97A, a 3½, and Unit 101, a 4½.
There is significant rental upside. Three of the five rents currently offer substantial potential for future growth toward market levels, providing a new owner with an opportunity to increase revenues over time as tenants leave and new tenants move in.
The location is excellent. The property is situated steps from the St. Lawrence Seaway, within walking distance of the LaSalle train station and Vieux-Lachine, and close to Boulevard LaSalle, waterfront paths, parks, and nature. It offers tenants the opportunity to enjoy a peaceful residential environment while remaining within convenient reach of public transportation and local services. Multiple bus stops are also within walking distance on Dalmany and Airlie.
The property enjoys a beautiful western exposure and is located on a quiet street directly across from a park. The surrounding demographics are attractive, with a median age of approximately 37.9 years and an average household income of $92,775 within a one-kilometre radius. (Source is Tetrad)
The property is a detached five-plex with five indoor garage parking spaces. Two of the parking spaces are currently included with one tenant's lease. The remaining three spaces will therefore become available to the purchaser upon the signing of the Act of Sale, as currently they are used by the ownership group.
With its exceptional history of ownership, excellent condition, attractive tenant-paid expenses, rental upside, indoor parking, and outstanding location, this is an ideal opportunity for the prudent investor seeking a stable, low-maintenance, easy-to-manage multifamily investment with long-term upside potential.