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Crapaud,C0A1J0
Key Details
Property Type Multi-Family
Sub Type Freehold
Listing Status Active
Purchase Type For Sale
Subdivision Crapaud
MLS Listing ID 202514687
Year Built 1892
Lot Size 1.100 Acres
Acres 1.1
Property Sub-Type Freehold
Source Prince Edward Island Real Estate Association
Property Description
7-Unit Income Property in Crapaud, PEI ? High-Yield Opportunity. With a potential 8-10% cap rate Investment Highlights -Strong Rental Demand PEI?s rental market is one of Canada?s tightest, with a 1.1% vacancy rate ensuring consistent tenant demand. -Current Income: Four updated units generating $58,992 annually at market rents, with two additional units at below-market rents offering immediate upside potential. -Renovation Opportunity: One gutted unit ready for renovation, projected to yield $1,200/month at market rates upon completion, boosting total income to ~$80,000-$100,000/year. - Net Operating Income (NOI): Current NOI of $28,649 (2024 financials: $58,992 income, $30,343 expenses), with potential for 8-10% cap rate post-renovation. - Recent Upgrades: Modernized with weeping tile, basement drainage, heat pumps, and a new roof, reducing future maintenance costs. - Spacious Lot: 1.1 acres offers potential for future development or expansion (subject to zoning). - Historic Charm: The Howatt House, an architectural gem, adds unique appeal for tenants and investors. Property Details - Unit Breakdown: - 4 Updated Units: Fully renovated, leased at market rents ($880, $978, $978, $1000/month) -Units 1, 3, 4, 5, and 6 are eligible for the 2025 annual rent increase. - 2 Unrenovated Units: Below-market rents, (currently $539,$550) ideal for value-add upgrades to reach $1,200-$1,500/month each. - 1 Gutted Unit: Ready for renovation, with contractor estimates of $25,000-$35,000 to complete, unlocking $1,200/month in additional rent. - Financial Snapshot: - Current Annual Income: $58,992 (6 units) - Annual Expenses: $30,343 (utilities, taxes, maintenance) - Projected Income Post-Renovation: $30,000 (7 units at market rents) - Location Benefits: Crapaud offers a peaceful, rural setting just 30 minutes from Charlottetown, ideal for tenants seeking affordability and tranquility. Close to schools, local shops, and South Shore beaches. (id:24570)
Location
Zoning Multi-Family
Rooms
Kitchen 0.0
Interior
Heating Wall Mounted Heat Pump,
Flooring Laminate
Exterior
Parking Features No
Community Features School Bus
View Y/N No
Private Pool No
Building
Story 3
Sewer Municipal sewage system
Others
Ownership Freehold
Virtual Tour https://youtu.be/N4OJuri_k3M?si=NWWDmPD-MPSSQOQC