Immeubles Gloria
Cité-des-Jeunes, Gatineau
194 residential units, 0 commercial units

Description

0
30
104
60
0
0
194
0

Financial Overview

Revenue 3,335,384$
Cost per Unit 154,639$
Cap. Rate 7.95 %
GRM 8.99
NRM 12.58
Return on Cash Flow 7.95 %
Return on Investment 7.95 %

Municipal Evaluation

Previous Assessment 2018-2020 14,461,700$
 
Land 2021-2023 4,805,800$
Building 2021-2023 10,797,700$
Total 2021-2023 15,603,500$

Highlights

- 15-storey concrete high-rise building consisting of 194 units - Centrally located 10 minutes from downtown Ottawa
- Most of the units are currently vacant and under renovation - Close to the UQO and University of Ottawa
- Expected to be 100% vacant as of December 1, 2021 - Incredible upside to complete the renovations and rent at market values
- There is approximately 9,500,000$ in renovations to be completed - Over 13,000,000$ in upside once fully stabilized building
- 2021 appraisal report estimated value after renovation : 52,900,000$ - Excellent opportunity to own a landmark high-rise in Gatineau
- Possibility to build 2 additional high-rise buildings on the land

Residential

Studio 1 ½ 0
Alcove 2 ½ 30
1 bdrm 3 ½ 104
2 bdrm 4 ½ 60
3 bdrm 5 ½ 0
4 bdrm + 6 ½ + 0
Total Units   194

Commercial

Commercial 3
Total Units   3

Parking

Parking 200
Garage 100
Storage 194
Total Spaces   494

Location

Main Artery Saint-Raymond blvd.
Intersection Moussette blvd.
Shopping Center Galeries de Hull
Metro Station
Bus 33, 49, 50 ,56 ,64, 533, 749
Attraction Gatineau Park
Hospital Hull Hospital
School UQO, Ottawa University

Heating

Energy Source Electricity
Heating Type Electric Baseboards
Responsibility Tenants

Heating Hot Water

Energy Source Natural Gas
Responsibility Owner
Water Tank

General Information

Zoning Residential
Cadastral 1342387
Building Type Detached
Floor Nb. 15
Year Built 1974
Lot Area 10922
Building Area 0
Stove As per leases
Refrigerator As per leases
Washer In apartments
Dryer In apartments
Elevator 2 elevators
Wash/Dry Hookups Inside all the units
Dishwasher Hookups Inside all the units
Pool No
Furnished Appliances
AC units Yes
Basement Garage
Fireplace No
Intercom Yes

Building Overview

Roof
Windows Budget includes: most windows and doors replacement
Balconies Budget includes: cement parging of balconies
Exterior Walls Bill 122 façade inspection report prepared in 2015 available upon request
Electricity Budget includes: replacing all the panels to 100AMP and adding electricity for the new A/C units
Plumbing Budget includes: replacing all the water risers
Heating System Budget includes: adding 194 Hydro-Quebec meters to have the tenants pay the electrical heating
Hot Water Tanks Natural gas heating for hot water, no planned renovations
Elevator 2 elevators renovated in 2013
Garage Budget includes: garage concrete repairs and exterior parking repairs
Bathrooms Budget includes: 100% interior renovation of all the units
Kitchens Budget includes: 100% interior renovation of all the units
Certificate of Location Alary St-Pierre Durocher - 2020-12-05
Envrionmental Report Phase 1 (2020)

Notes

- Please see detailed budget for more information and advancement of renovations
- As of August 2021, there is approximately 9,500,000$ of renovations to be completed
- 149 units are currently vacant with the interior demolished, ready to renovate
- 2021 appraisal report estimating the value after renovations at 52,900,000$ (document available upon request)
- Possibility to build 2 additional high-rise buildings on the existing land (to be confirmed with the City)
*** This sale is made without any legal warranty of quality, on an “as is, where is” basis, at the BUYER’s own risks ***
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