Fourth Avenue, Matheson, ON
Detached 2 storey Fourplex, located in Matheson, Ontario near Iroquois Falls and 45 minutes from both Timmins and Kirkland Lake. The subject property contains four self contained units with 2 bedrooms and 1 bathroom in each. The property is situated just off highway 11, near LCBO, the hospital, grocery stores and other amenities. This property is currently vacant, with 3 of the 4 units already turn key. The basement unit had some water issues a few years ago and is now unfinished (water issues were repaired). The subject property is suitable for a beginner or experienced investor who is looking to add a great cashflowing property to their portfolio.
Property Features
- Detached 2 storey
- Four self contained units (all VACANT)
- 8 bedrooms in total
- 4 bathrooms
- 2,454 sqft above grade
- 1,587 sqft basement (roughed in, needs to be finished)
- 66 ft Frontage x 132 ft Depth
- 4 breaker panels
- 4 boilers (one needs repair)
- Radiator heating
- Roof approximately 10 years old
- Built in 1911
- R1 Zoning
Renovations Needed
- 3 Units could use some cosmetic touch ups
- Basement unit needs to be refinished (rough ins there)
- Basement boiler needs repair or replacement
Unit Breakdown
- Unit 1 – Main Floor
- 2 bed, 1 washroom, 1 kitchen
- Expected Rent after Renovations: $750/month + hydro
- Unit 2 – Main Floor
- 2 bed, 1 washroom, 1 kitchen
- Expected Rent after Renovations: $750/month + hydro
- Unit 3 – Top Floor
- 2 bed, 1 bath, 1 kitchen
- Expected Rent after Renovations: $750/month + hydro
- Unit 4 – Basement
- 2 bed, 1 bath, 1 kitchen
- Renovations: Refinish basement – kitchen, washroom, floors, trim, paint
- Expected Rent after Renovations: $700/month + hydro
Expense Breakdown:
- Insurance: $250 per month
- Property Taxes: $116 per month
- Water and Heat: $300 per month
Cap-Rate
- Annual Revenue: $35,400
- Annual Expenses: $8,001
- 5% Maintenance: $1,770
- 5% Vacancy: $1,770
- NOI: $23,859
- Purchase Price + $50,000 in Renos: $165,000
- 14.5% Cap Rate
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