3120 Ontario Street, Toledo, OH
Presented by:
Thane Lanz Keller Williams 604-765-1490
3120 Ontario Street, Toledo, OH
Property Description Addresses:
3028, 3034, 3044, 3048, 3120 Ontario St, Toledo, OH; and 2905 N. Erie St., 515 Bassett St, Toledo, OH
Number of units:
30 (all medium sized with 1 bed, 1 bath; except one which is 3 bed, 1 bath)
Descriptions of units:
9 buildings; one large with 12 units, one single family, and 7 twin plex buildings
Date of complex:
1971
1
Property Analyzer Closing Costs Estimated Board of Revision Value:
$750,000 (Note: all figures are in USD)
Asking Price: Contract Fee (2.5%) Repair Estimate: Total Including Closing Costs
$750,000 ($25,000/door) Repairs Completed $750,000 + est 1-3%
Mortgage and EMD Cash Deal / Mortgage Option Seller Financing Available Earnest Money (5 days after accepted offer)
Operating Expenses *Insurance ($1M liability, rental loss) Property Taxes Home Owners Holdback Fund Management Fees Mortgage and Repairs Payment ($TBA + $0.00) Total Operating Expenses
Amount
$ 10,000
%
Monthly $ 1,500 $ 739 2.0 $ 200 8.5 $ 918 TBA (variable) $TBA
Net Operating & Total Income Current Operating Income (29 Units Rented) Gross operating Income (Cash Flow) (**Based on full occupancy @ $375/month) Principal Reduction Estimated Capital Appreciation (3%)
Annually $ 18,000 $ 8,874 $ 2,400* $11,016 $TBA
$4,139
$49,674
Monthly See Update File $11,250
Annually $135,000
$ $1,812
$ $21,750
* Insurance cost can be lowered next year ** Market Rents are $425-450/month per door
2
3
Repairs (COMPLETED) Driveway/parking lot repairs Building repairs to make 14 units rent ready (carpet, tile, drywall repairs, paint) Total Cost of Repairs
$38,000 $68,000 $106,000
Rental Summary • 1 bedroom suites are 598 • • • • •
ft2
13 units are currently rented at $375/month = $4,875 or $58,500/yr 14 units are vacant and need repairs, which are mostly cosmetic With the needed repairs completed, each unit could rent for $425/month = $12,750 or $153,000/yr. The complex has been approved for Sec 8 rental that will guarantee rental payments and may increase the rental value to $450/month for the one bedroom units and $650 for the single family 3 bedroom unit. Sec 8 approved rental status could bring the full occupancy rental income to $12,350/month or $148,200/year
Comparables Address 3501 E Manhattan Blvd, Toledo 3501 E Manhattan Blvd, Toledo 3101 Nararre Ave, Toledo 3101 Nararre Ave, Toledo
Distance
Property Type
Rent price
Bed Bath Sqft
1.0
Multi-Family
$395/month
1
1
780
1.0
Multi-Family
$495/month
2
1
870
6.3 6.3
Multi-Family Multi-Family
$405-435/month 1 $495-535/month 2
1 1
707 954
Time Frames Inspection is available after the offer is accepted. The closing date and possession will be determined. Renos are complete.
Marketing Plan There can be no guarantee of renting the property within a set time frame, or at all, for that matter. Sierra Real Estate Services, LLC is committed to marketing the property before the renos have been completed. They work with five agencies that have renters who are seeking rental units. 4
Photo Gallery of the Various Buildings
5
Neighbourhood • • • • •
The median age of the neighbourhood is 24 (trulia.com) There are 3 schools in the neighbourhood, one is presently being built 55% of the people are married (trulia.com) The crime rate is designated as safe (trulia.com) A new row of houses along the same street have been recently built that are selling for $80,000 each (see last photo)
Photos of the Neighbourhood
6
Thane Lanz Keller Williams 604-765-1490
3120 Ontario Street, Toledo, OH
Property Description Addresses:
3028, 3034, 3044, 3048, 3120 Ontario St, Toledo, OH; and 2905 N. Erie St., 515 Bassett St, Toledo, OH
Number of units:
30 (all medium sized with 1 bed, 1 bath; except one which is 3 bed, 1 bath)
Descriptions of units:
9 buildings; one large with 12 units, one single family, and 7 twin plex buildings
Date of complex:
1971
1
Property Analyzer Closing Costs Estimated Board of Revision Value:
$750,000 (Note: all figures are in USD)
Asking Price: Contract Fee (2.5%) Repair Estimate: Total Including Closing Costs
$750,000 ($25,000/door) Repairs Completed $750,000 + est 1-3%
Mortgage and EMD Cash Deal / Mortgage Option Seller Financing Available Earnest Money (5 days after accepted offer)
Operating Expenses *Insurance ($1M liability, rental loss) Property Taxes Home Owners Holdback Fund Management Fees Mortgage and Repairs Payment ($TBA + $0.00) Total Operating Expenses
Amount
$ 10,000
%
Monthly $ 1,500 $ 739 2.0 $ 200 8.5 $ 918 TBA (variable) $TBA
Net Operating & Total Income Current Operating Income (29 Units Rented) Gross operating Income (Cash Flow) (**Based on full occupancy @ $375/month) Principal Reduction Estimated Capital Appreciation (3%)
Annually $ 18,000 $ 8,874 $ 2,400* $11,016 $TBA
$4,139
$49,674
Monthly See Update File $11,250
Annually $135,000
$ $1,812
$ $21,750
* Insurance cost can be lowered next year ** Market Rents are $425-450/month per door
2
3
Repairs (COMPLETED) Driveway/parking lot repairs Building repairs to make 14 units rent ready (carpet, tile, drywall repairs, paint) Total Cost of Repairs
$38,000 $68,000 $106,000
Rental Summary • 1 bedroom suites are 598 • • • • •
ft2
13 units are currently rented at $375/month = $4,875 or $58,500/yr 14 units are vacant and need repairs, which are mostly cosmetic With the needed repairs completed, each unit could rent for $425/month = $12,750 or $153,000/yr. The complex has been approved for Sec 8 rental that will guarantee rental payments and may increase the rental value to $450/month for the one bedroom units and $650 for the single family 3 bedroom unit. Sec 8 approved rental status could bring the full occupancy rental income to $12,350/month or $148,200/year
Comparables Address 3501 E Manhattan Blvd, Toledo 3501 E Manhattan Blvd, Toledo 3101 Nararre Ave, Toledo 3101 Nararre Ave, Toledo
Distance
Property Type
Rent price
Bed Bath Sqft
1.0
Multi-Family
$395/month
1
1
780
1.0
Multi-Family
$495/month
2
1
870
6.3 6.3
Multi-Family Multi-Family
$405-435/month 1 $495-535/month 2
1 1
707 954
Time Frames Inspection is available after the offer is accepted. The closing date and possession will be determined. Renos are complete.
Marketing Plan There can be no guarantee of renting the property within a set time frame, or at all, for that matter. Sierra Real Estate Services, LLC is committed to marketing the property before the renos have been completed. They work with five agencies that have renters who are seeking rental units. 4
Photo Gallery of the Various Buildings
5
Neighbourhood • • • • •
The median age of the neighbourhood is 24 (trulia.com) There are 3 schools in the neighbourhood, one is presently being built 55% of the people are married (trulia.com) The crime rate is designated as safe (trulia.com) A new row of houses along the same street have been recently built that are selling for $80,000 each (see last photo)
Photos of the Neighbourhood
6
