26
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$5,388,888
Est. payment /mo
42 BA
Active
124 Cedar ST Greater Sudbury, ON P3E 1B4
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UPDATED:
12/04/2024 06:05 PM
Key Details
Property Type Single Family Home
Sub Type Other
Listing Status Active
Purchase Type For Sale
Approx. Sqft 5000 +
MLS Listing ID X11881202
Style Other
Annual Tax Amount $59,794
Tax Year 2024
Property Description
Discover this remarkable 24,000 sq ft commercial-residential mixed-use property offering incredible income potential and a proven high return on investment. Situated in a prime location, this asset is a standout opportunity for seasoned investors and developers alike.Key Features:1.Outstanding Income Return:oCurrent net profit: $675,557.13 annually, equating to a 12.75% net income return.oPost-conversion potential: $766,182 annual net profit, yielding an enhanced 14.45% net return.2.High-Value Asset with Significant Upside:oAppraised at $7.25M by a bank-approved appraiser.oMarket value projected to exceed $9M upon conversion to a 100% residential property.3.Existing Configuration:o12,000 sq ft of prime retail and office space.oResidential units: 4 studios, 8 one-bedroom apartments, and 8 two-bedroom apartments.4.Conversion Potential:oAfter transformation, the property will feature 6 studios, 8 one-bedroom apartments, and 28 two-bedroom apartments, catering to high-demand residential needs.5.Renovation Incentives:oGuaranteed renovation cost: Only $650,000, after factoring in city-supported CIP grants and interest-free loans.oBoosted rental income: Conversion results in a $90,625 annual increase in net rental income.6.Favorable Financing Options:oCMHC loan eligibility upon issuance of building permits.oLoan covers 100% of conversion costs at a competitive 4% interest rate.Why This Property?With strong current returns, significant upside from planned conversions, and the city-backed incentives to minimize costs, this property represents a rare blend of high yields, manageable risk, and long-term value appreciation.Don't miss this exceptional investment opportunity in the thriving City of Sudbury. Contact us today for more details and to arrange a viewing!
Location
Province ON
County Greater Sudbury
Community Sudbury
Area Greater Sudbury
Region Sudbury
City Region Sudbury
Rooms
Family Room Yes
Kitchen 0
Interior
Interior Features Accessory Apartment, Built-In Oven
Fireplace No
Heat Source Electric
Exterior
Parking Features Covered
Garage Spaces 6.0
Pool None
Waterfront Description None
Roof Type Flat,Tar and Gravel
Total Parking Spaces 48
Building
Foundation Unknown
Listed by BAY STREET GROUP INC.
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