612 Spadina Crescent West, Saskatoon, SK
del peters realty del peters realty
del peters realty
 
 

FOR SALE
EXCLUSIVE LISTING
Asking Price: $1,025,000
Legal: Lot 23, Blk 50, Plan G1684
Lot Size: 50’ x 244 ’x 191’ x 73’
Mortgage: Treat as clear title
Taxes: $8,081 (2008)
Building Description:
  • 15 suite apartment block (Suite sizes to be confirmed by purchaser).
  • 6 x 1 BR at 525 sq ft.
  • 8 x 2 BR at 700/720 sq ft.
  • 1 x 3 BR at 810 sq ft.
  • Current annual rent roll August 1, 2008 $111,600.
  • Constructed in 1979, building designed as a passive solar energy saving building with no windows to the North and all suites have a southern and eastern window exposure.
  • All above ground suites have A/C and balconies.
  • Rear stucco wall was redone in 2006 and repainted other sides in 2007.
  • Building is across from Victoria Park and most suites have a river view and are definitely a condo conversion possibility.
  • Suite rental rates are considered low.
  • Hallways are pressurized, floors are foam Crete and suites have in suite storage.
  • Roof is asphalt shingle;
  • 2006 + partial 2007/2008 financials available.
  • Rents at August 1, 2008
    • 1BR $500/550
    • 2BR $635/685
    • 3BR $700

 
 
Pro-Forma
Income:
Rent
111,600
Laundry
1,800
Vacancy
(1,200)
Gross
112,200
 
Expenses:
Advertising
500
Caretaker
3,600
Property Tax
8,656
Insurance
1,500
Management
5,500
Utilities
21,000
R+M
7,500
Total Expenses
$48,256(43%)

Net Profit
63,944

Note: Based on information presented by the owner

 

Disclaimer: Del Peters Realty received the above information contained in this proforma from sources deemed reliable but do not guarantee same. Each investor must rely on their own investigation of the salient facts.