710 8th Street East, Saskatoon Saskatchewan
Exceptional Real Estate investment opportunity - 14 suiterMansard Terrace is located in the premium A++ east side location of 8th street and Broadway Avevnue in Nutana. Saskatoon is one of the fastest growing cities in Canada with a strong and diversified economy, and a metropolitan area of over 300,000 people. This building is in excellent condition with no deferred maintenance. The project has a new roof, and will have a newly installed boiler system upon possession. Many upgrades including common areas, combined with a dynamite street appeal will provide for excellent upside potential as the economy recovers.
Sold for: Subscription filled - Currently Active
Purchased October 2017 $1,470,000 with a 65% loan @3.25% for 5 years
Cash invested $630,000
What is exceptional about this deal:
- Low purchase price of $105,000 per unit given premium condition and class “A” location.
- Excellent suite mix with 8 large, two bedroom units!
- Building has been well maintained with $120,000 spent in the past 3 years.
- The upside potential for Saskatoon is tremendous, with large population growth expected.
- Nutana is one of the most premium locations in all of Saskatoon, close to Market Mall.
- Saskatchewan economy still going strong, despite low oil prices.
- Numerous upgrades including roof ($60,000), boiler ($50,000) and new common area carpets ($7000) in 2014. Many suites have been upgraded as well.
- Many new condos and condo conversions in the area.
- Cash flow from day 1 due to condition, with good rental upside medium and long term. Rents currently well below market.
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