Parkside Villas – The Story
A good Realtor friend called one day in
What has always drawn me to the property was the fact that it is located adjacent to a beautiful town park. So the front yard of the building appears to be a manicured park area.
After measuring the building with my Realtor friend that day, we went straight back to the office and wrote an offer. The Seller was a retired Lawyer was hard of hearing who now lives in a
The property needed considerable upgrading so the price was adjusted accordingly to allow room to complete the improvements and lease up. The purchase
This property should be a very positive
Location/Address: 4820 46 Street Innisfail
Purchase Price: $895,000 (additional $205,000 reserved for upgrades, $100,000 Procurement Costs – Total Investment $1,200,000)
Appraised Value: $1,520,000
Date Purchased: July 31, 2018
Cash on Cash Return: 7%
Composite Return: 7% (no leverage)(Cash on cash plus equity growth through paying down
Tenancy: Lease up will take place as suites are upgraded
Occupancy: At closing, 7 out of 17 suites occupied
Year Built: 1975
JV: Safety First Projects 5 Ltd.