Jeff  van de Bennet

Jeff van de Bennet

Associate Broker

Century 21 Foothills South Real Estate

Mobile:
(403) 795-8675
Office:
(403) 394-7721
Email Me

LETHBRIDGE INVESTMENT OPPORTUNITY

Exclusive - Century 21 Foothills South Office Listing  - 3404 & 3408 - Spruce Drive S - Asking $559,000 for each.

This is it! The investment opportunity you have been waiting for!

An investment property in Lethbridge is not always easy to come buy (pun intended), but it sure is exciting when they come to the market!

Introducing 3404/3408 Spruce Drive South, our newest EXCLUSIVE listing.
These two fourplexes contain units with 2 bedrooms, 1 bathroom, and 2 garages that back onto Redwood Park.
If you're wondering about the history, look no further, we are about to give you the break down!

 

Appraisal for each was $555,000 (reports can be reviewed at request).

The roof was done in 2010 (just inspected and approved by Brad at Waterproofing Roofing),
and most windows have been replaced over the last 10 years.
Three bathrooms have recently been done with tub enclosures,
and a new heating boiler was replaced in 3404 in 2013.

 

Lets talk INCOME!

3404 Spruce Drive S:

- Present income: $3375

- Market Rent: Approx $3600/month

- Garage not presently rented ($200/month for storage)

- Approx $150/month coin laundry income

 

3408 Spruce Drive S:

- Present income: $3330

- Market Rent: Approx $3600/month

- Garage not presently rented ($200/month for storage)

- Approx $150/month coin laundry income

 

TOTAL MARKET RENT INCOME:

$4000 m/l per month (per four plex)

$48,000 per year (per four plex)

Now, what about expenses?

Insurance: $2200

Property Taxes: $7000

Vacancy Factor: $2175

Maintenance Estimation: $2500

Owner Share Utilities: $2400

Lawn Care/Snow Removal: $1800

TOTAL: $18,000 m/l estimated total* (per four plex)

 

**All numbers can be verified with the seller as a condition of purchases contract to your satisfaction.**

Let me know if you request any other information!