Financial information from the sale of this Legal Triplex that SOLD in May, 2022
This legal triplex property with no vacancies was located in West Ottawa, with one 1-bedroom apartment and two 2-bedroom apartments.
The property was listed for $1,150,000 and sold for $1,128,000.
- Scheduled Rental Income was $52,740
- Effective Rental Income was $51,158
- Operating expenses of $12,679
- Total Operating Expenses, with 10% for maintenance/management $17,795
- Net operating income of $33,363
- Cap Rate was 2.96%
- Operating Expense Ratio was 34.8%
- Sold for 22 times the Gross Income
- Sold for 34 times the Net Income
With a 35% down payment of $394,800, this leaves a mortgage of $733,200. At a 4% rate, amortized over 25 years, the monthly mortgage payment would be $3,857, for an Annual Debt Service of $46,284 (this is the yearly mortgage payments).
- The final cash flow on this building was -$12,921
- ROI (return on investment) was -3.27%.
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