FOR SALE : 30 UNIT RENTAL BUILDING IN OSHAWA
ASKING PRICE $2,800,000.00(Potential with significant upside)
Cleanest rental building in the market
BRIEF PROPERTY DESCRIPTION
The Subject property
is located in the South side of downtown Oshawa,
near the Simcoe Street exit off Highway
401. Residents of this area have access to a variety of amenities such as restaurants,
shopping plazas, community
centres as well as the Oshawa shoreline
which is approximately 8kms to the south.
The Subject is rectangular shape gives it approximately 143 ft. of frontage onto both street. and its flankage along 1''Ave. is approximately 455.4 ft., with a total lot size
of approximately 1.43 acres. It is rectangular in shape and is, more or less, at grade level with all surrounding properties. Adjoining streets
have streetlights, sidewalks, municipal water and sewers, hydro, telephone and natural
gas available and in place.
The
site is easily accessed from 1st Ave. through a driveway that leads to a private
parking lot, the Subject property
has approximately 15 paved parking
spaces available to its residents, staff or visitors. Located to the South of the Subject on the south side of 1st Ave. is a large paved parking
lot that is primarily used for the shoppers of the neighborhood Kmart Plaza, however,
during the day this lot may also be used by visitors
of the residents in the Seniors' Apartments.
The
Subject site is improved with a large three story
structure that was originally constructed and utilized as a public
school for local children in the nearby
area. Recently, the school had been retro fitted with 30 luxurious rental
suites, ranging in size between
550 sq.ft. to 850 sq.ft. and each with its own private balcony. Each suite also offers nine foot ceilings, with extra
large windows, en-suite
laundry, kitchen appliances, tiled bathrooms with additional 'grab' bars for stability and many apartments have the original
hardwood floors throughout.
Exterior Features
• 15+ parking spaces fronting onto Simcoe Street South.
o Pending re-zoning, commercial storefront development opportunity.
• A large grass field that is fenced in behind the building. Used to be the play area for the children that attended the school
o
Pending re-zoning, development opportunity to construct more residential units.
• It is close to banks, doctors’
offices, a shopping
Centre, grocery stores,
restaurants and has easy access to downtown
Oshawa.
• Short walk to the Ukrainian
Catholic Church and the Ukrainian
Cultural Centre.
• Elevator with extra wide front and rear doors.
• Pre-wired for both telephone and satellite television.
Security Features
• Electric
locks with key access
• Illuminated
parking lot 24 hours per day
• Superintendent lives on main floor
• Each suite comes
equipped with a smoke detector, fire alarm, carbon monoxide detector.
• The corridors are extra wide and have emergency lighting
throughout.
Main Floor
• Large common room I recreational room fully furnished
with couches, tables
and chairs, as well as a kitchenette;
• Dedicated Religious Chapel
for private or group prayers;
• Dedicated tenant storage
area, administrative office;
• Superintendent suite
The entire building
has been, more or less, renovated to an excellent
quality standard, with no structural
defects or deferred maintenance evident.
Furthermore, finished interior
areas for the most part have been renovated to a good level quality finish which includes electrical
and mechanical components throughout, in addition to the quality chattels and fixtures provided
in each unit and those provided in the
common areas.
SITE SERVICES AND UTILITIES:
The Subject site is serviced
with a full complement of municipal facilities, including sanitary and storm sewers, municipal water
supply, hydro electric
power, natural gas and telephone.
The Subject was originally built and used as
a grade school up until about 2000. Since then, it was purchased from the Oshawa School Board by the Ukrainian Catholic
Episcopal Corporation of Eastern Canada and remodeled
into a Seniors' Residence comprising 30 units. There is a paved parking
lot at the west side of the property, which can host approximately 15 cars for visitors, staff and residents.
There is no on-street
parking on the adjacent streets however, directly
south of 1" Ave. is a large paved parking
lot that is part of the Kmart Plaza and may be used for daytime parking
as well
ACCESSIBILITY:
Ingress I egress to the Subject
property is gained from its frontage onto 1" Ave. A driveway
leads from the street to a 15 car parking
lot located at the west side of the property.
Simcoe St. S is a major arterial
road that has four lanes with a speed limit of
50 km in the area of the Subject.
The Subject is also accessed
by the Durham Region Transit
Bus (route no. 401) which runs along Simcoe Street North and South. Both 1" Ave. and Albert St., the two other adjacent roads to the Subject are two lane local streets that are mainly utilized
by resident traffic.
ZONING:
According to the City of Oshawa Community Zoning
By-Law, the Subject property is currently designated as R6-B -Residential, this designation permits a variety of multi-residential and institutional utilizations such as: apartment
buildings I Home for the Aged I Nursing Home and a Retirement Home. Currently, according to bylaw 64-2001,
the only permitted use on the property is a Seniors' Citizens
Apartment building.
The following
table displays the regulations for R6-B Zones:
Regulations
|
Restrictions (ft.)
|
Minimum Lot Frontage
|
82.0
|
Minimum Front Yard Depth
|
19.7
|
Minimum Interior Rear Yard Depth
|
52.5
|
Minimum Landscaped Open
Space(%)
|
35%
|
Maximum Lot Coverage (%)
|
30%
|
Maximum Height
|
59.0
|
Maximum Density - Dwellings per Acre
|
34.4 units
|
Minimum Number of Parking Spaces
|
0.5 per dwelling unit
|
.jpg)
