Financial information from the sale of this Legal Triplex that SOLD in August, 2022
This 3-Unit property was located in West Ottawa, with one 1-bedroom unit and two 2-bedroom units. The property was listed for $1,050,000 and sold for $1,152,000.
- Scheduled Rental Income was $45,000
- Effective Rental Income was $43,650
- Operating expenses of $11,686
- Total Operating Expenses, with 10% for maintenance/management $16,051
- Net operating income of $27,599
- Cap Rate was 2.4%
- Operating Expense Ratio was 36.8%
- Sold for 26 times the Gross Income
- Sold for 42 times the Net Income
With a 35% down payment of $403,200, this leaves a mortgage of $748,800. At a 5% rate, amortized over 25 years, the monthly mortgage payment would be $4,355, for an Annual Debt Service of $52,260 (this is the yearly mortgage payments).
The final cash flow on this building was -$24,661 and the ROI (return on investment) was -6.12%.
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