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Marklyn Management
311 Richmond Rd. Suite 218
Ottawa, Ontario, K1Z 6X3
Telephone:
(613) 729-2086
Facsimile:
(613) 722-5557
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Area: |
Little Italy |
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Address: |
139 Preston |
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Unit Type: |
Residential |
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Date Added: |
May 1, 2009 |
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Date Available: |
Jul 1, 2009 |
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| Description: |
Click here for floor plans
Fantastic 28 multi-residential Investment Opportunity with great potential to increase rents. Little Italy is a rich and vibrant community undergoing a major transformation. Two buildings directly across the street from the newly redeveloped city- owned indoor public pool / gym / community centre. Preston Street is one of the city’s major cultural districts. CMHC insured assumable mortgage at 5.224%, 9 years remaining.
Little Italy is currently undergoing a major re-development by the city of Ottawa of its streetscape; Refer to Preston Street Business Improvement Association (BIA).
Neighbourhood: West Centre Town (Little Italy)
Unit Mix:
6- Bachelor
16-1 Bedroom
6-2 Bedroom
Building Features: These buildings include front window balconies, on site laundry and parking.
Lot Size: 99 ft. x 99 ft.
Zoning: TM
Appliances: Fridge and stove, provided for the Tenants. Coin operated washers & dryers on site in each building.
Services: Hydro, gas & municipal water. Tenants pay individually metered hydro costs*.
Parking: There are 6 parking spots located behind building. Street parking available with the City of Ottawa.
139 & 141 PRESTON STREET COMMON INFORMATION
Both buildings have a structure that consists of stonework foundation walls, wood floor structures, wood stud walls clad with brick clay masonry and a low sloped wood roof structure with a wood plank roof deck.
The buildings have been completely fire retrofitted with proper fire separation, fire doors, emergency lighting and fire pull stations.
Windows were changed in 1998. Skylights were installed in 2005 in both buildings top floor hallways.
Both gas fired boilers were installed in 1998 and have been inspected annually since their installation.
The buildings have three levels of above grade apartments with apartment units and storage in the basements. Both buildings have steel fire escape structures at the rear (east) side and steel balcony structures on the west side.
In 2007, a Phase 1 Environmental Site Assessment was conducted; No significant environmental concerns were identified during the site visit with the current conditions of the subject site or surrounding properties.
139 PRESTON STREET
The roof is a low sloped wood roof structure with a wood plank roof deck. The roof system is a modified bituminous membrane installed in 2005. It is a built-up roof membrane installed in 2005.
141 PRESTON STREET
The roof system is a build up roof membrane, reportedly installed in 1996. The membrane installation is in good condition and the roof slopes well to a central drain. The attic insulation has been retrofitted in 1996. The level of insulation has been significantly upgraded to R40 fiberglass batt insulation.
* All units are individually metered for hydro except the 2 basement units at 141 Preston.
Annual net Rental Income: (Projected based on February 2009 Rent Roll): $203,074.00
Operating Costs (Actual 2008)
Realty Taxes: $23,400.00
Utilities: $29,000.00
Insurance: $2,200.00
Site Superintendant: $7,800.00
Total Operating Costs: $62,400.00
Net Operating Income: $140,674.00
For more information or to schedule a showing please contact us at 613-913-2216. |
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