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Discover this remarkable 24,000 sq ft commercial-residential mixed-use property offering incredible income potential and a proven high return on investment. Situated in a prime location, this asset is a standout opportunity for seasoned investors and developers alike.Key Features:1.Outstanding Income Return:oCurrent net profit: $675,557.13 annually, equating to a 12.75% net income return.oPost-conversion potential: $766,182 annual net profit, yielding an enhanced 14.45% net return.2.High-Value Asset with Significant Upside:oAppraised at $7.25M by a bank-approved appraiser.oMarket value projected to exceed $9M upon conversion to a 100% residential property.3.Existing Configuration:o12,000 sq ft of prime retail and office space.oResidential units: 4 studios, 8 one-bedroom apartments, and 8 two-bedroom apartments.4.Conversion Potential:oAfter transformation, the property will feature 6 studios, 8 one-bedroom apartments, and 28 two-bedroom apartments, catering to high-demand residential needs.5.Renovation Incentives:oGuaranteed renovation cost: Only $650,000, after factoring in city-supported CIP grants and interest-free loans.oBoosted rental income: Conversion results in a $90,625 annual increase in net rental income.6.Favorable Financing Options:oCMHC loan eligibility upon issuance of building permits.oLoan covers 100% of conversion costs at a competitive 4% interest rate.Why This Property?With strong current returns, significant upside from planned conversions, and the city-backed incentives to minimize costs, this property represents a rare blend of high yields, manageable risk, and long-term value appreciation.Don't miss this exceptional investment opportunity in the thriving City of Sudbury. (id:51158)
| MLS® Number | X11881202 |
| Property Type | Single Family |
| Community Name | Sudbury |
| Parking Space Total | 48 |
| Bathroom Total | 42 |
| Age | 31 To 50 Years |
| Appliances | Oven - Built-in |
| Exterior Finish | Aluminum Siding, Concrete |
| Foundation Type | Unknown |
| Heating Fuel | Electric |
| Heating Type | Baseboard Heaters |
| Size Interior | 5000 - 100000 Sqft |
| Type | Other |
| Utility Water | Municipal Water |
| Covered |
| Acreage | No |
| Sewer | Sanitary Sewer |
| Zoning Description | C6 |
https://www.realtor.ca/real-estate/27709326/124-cedar-street-greater-sudbury-sudbury-sudbury
Get More info About:124 Cedar Street Greater Sudbury (Sudbury), Mls# X11881202
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