ON > Greater Sudbury
Greater Sudbury, ON P3E 1B4,124 Cedar ST
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Greater Sudbury, ON P3E 1B4,124 Cedar ST
Greater Sudbury, ON P3E 1B4,124 Cedar ST
Greater Sudbury, ON P3E 1B4,124 Cedar ST
Greater Sudbury, ON P3E 1B4,124 Cedar ST
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Jeff Somlo

Jeff Somlo

+1(647) 998-3693
$ 5,388,888
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124 Cedar ST Greater Sudbury, ON P3E 1B4

42 Baths

UPDATED:

12/04/2024 06:05 PM

Key Details

Property Type Single Family Home

Sub Type Other

Listing Status Active

Purchase Type For Sale

Approx. Sqft 5000 +

MLS Listing ID X11881202

Style Other

Annual Tax Amount $59,794

Tax Year 2024

Property Description

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. Contact us today for more details and to arrange a viewing!

Location

Province ON

County Greater Sudbury

Community Sudbury

Area Greater Sudbury

Region Sudbury

City Region Sudbury

Rooms

Family Room Yes

Kitchen 0

Interior

Interior Features Accessory Apartment, Built-In Oven

Fireplace No

Heat Source Electric

Exterior

Parking Features Covered

Garage Spaces 6.0

Pool None

Waterfront Description None

Roof Type Flat,Tar and Gravel

Total Parking Spaces 48

Building

Foundation Unknown

Listed by BAY STREET GROUP INC.
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124 Cedar ST