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CAPECrapaud20417 T-C Hwy 1 W
20417 T C Hwy 1 W, Condo with 0 bedrooms, 0 bathrooms and null parking in Crapaud PE | Image 1
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$499,500
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20417 T C Hwy 1 W, Crapaud, PE

Condo

For Sale

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000
  • Key Facts
  • Description
  • Map

Key Facts

Type Apartment
Levels Residential Income
Size -
Garage No
Maintenance Fees 
Taxes 
Days Active 47
Approx. Age 1892
MLS® Number 202514687

Property Address: 

Average square foot calculated using Size range provided by listing agent.

Description

7-Unit Income Property in Crapaud, PEI ? High-Yield Opportunity. With a potential 8-10% cap rate Investment Highlights -Strong Rental Demand PEI?S rental market is one of Canada?S tightest, with a 1.1% vacancy rate ensuring consistent tenant demand. -Current Income: Four updated units generating $58, 992 annually at market rents, with two additional units at below-market rents offering immediate upside potential. -Renovation Opportunity: One gutted unit ready for renovation, projected to yield $1, 200/month at market rates upon completion, boosting total income to ~$80, 000-$100, 000/year. - Net Operating Income (NOI): Current NOI of $28, 649 (2024 financials: $58, 992 income, $30, 343 expenses), with potential for 8-10% cap rate post-renovation. - Recent Upgrades: Modernized with weeping tile, basement drainage, heat pumps, and a new roof, reducing future maintenance costs. - Spacious Lot: 1.1 acres offers potential for future development or expansion (subject to zoning). - Historic Charm: The Howatt House, an architectural gem, adds unique appeal for tenants and investors. Property Details - Unit Breakdown: - 4 Updated Units: Fully renovated, leased at market rents ($880, $978, $978, $1000/month) -Units 1, 3, 4, 5, and 6 are eligible for the 2025 annual rent increase. - 2 Unrenovated Units: Below-market rents, (currently $539, $550) ideal for value-add upgrades to reach $1, 200-$1, 500/month each. - 1 Gutted Unit: Ready for renovation, with contractor estimates of $25, 000-$35, 000 to complete, unlocking $1, 200/month in additional rent. - Financial Snapshot: - Current Annual Income: $58, 992 (6 units) - Annual Expenses: $30, 343 (utilities, taxes, maintenance) - Projected Income Post-Renovation: $30, 000 (7 units at market rents) - Location Benefits: Crapaud offers a peaceful, rural setting just 30 minutes from Charlottetown, ideal for tenants seeking affordability and tranquility. Close to schools, local shops, and South Shore beaches. (id:58753)Show Description
MLS® Number202514687
Locker
Ensuite LaundryNo
Balcony
Furnished
Laundry Level
Exposure
Exterior
GarageNo
Approx. Age1892
Stories
Pets
Corp Number

Included in Maintenance Fee

Heat
Hydro
Water
Building Insurance
Condo Taxes
Cable TV
Central Air
Parking Maintenance

Utilities

HeatElectric, Wall Mounted Heat Pump
A/C
Heating Fuel

Extras

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