- 5 Units – MultiFamily (Welland)
City : Welland
Number of Units: 5 units
Purchase Price: $477,000.
NOI Net Operating Income at Buy: $29k
Strategic Renovations: $16k (paint, carpet removal, door, clean up etc, roof change)
NOI after appraisal at refinance: $38339k (NOI = Total rent – vacancy – insurance – taxes – utilities-Repair Maintenance)-
Re-rented three apartments after repairs and tenants pay hydro for those three apartments now.
Current value after appraisal: $38339k/5.5(cap rate) = $700k.
All Initial Capital pulled out of the deal and property is still cash flow positive.
$50,000 RRSP Loan returned to our trusted lender at 9% and paid $4584 for their loan creating WIN-WIN for both of us.