Financial information from the sale of this Legal Sixplex that SOLD in September, 2022
This 6-Unit property was located in Near-West Ottawa, with two 1-bedroom units and four 2-bedroom units. The property was listed for $1,499,900 and sold for $1,425,000.
- Scheduled Rental Income was $82,568
- Effective Rental Income was $80,091
- Operating expenses of $24,783
- Total Operating Expenses, with 10% for maintenance/management $32,792
- Net operating income of $47,299
- Cap Rate was 3.3%
- Operating Expense Ratio was 40.9%
- Sold for 18 times the Gross Income
- Sold for 30 times the Net Income
With a 35% down payment of $498,750, this leaves a mortgage of $926,250. At a 5.5% rate, amortized over 25 years, the monthly mortgage payment would be $4,654, for an Annual Debt Service of $67,848 (this is the yearly mortgage payments).
The final cash flow on this building was -$20,549 and the ROI (return on investment) was -4.12%.
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