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$5,388,888

124 CEDAR STREET, Greater Sudbury, Ontario, P3E 1B4

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MLS® # X11881202

Property Information:

Discover this remarkable 24,000 sq ft commercial-residential mixed-use property offering incredible income potential and a proven high return on investment. Situated in a prime location, this asset is a standout opportunity for seasoned investors and developers alike.Key Features:1.Outstanding Income Return:oCurrent net profit: $675,557.13 annually, equating to a 12.75% net income return.oPost-conversion potential: $766,182 annual net profit, yielding an enhanced 14.45% net return.2.High-Value Asset with Significant Upside:oAppraised at $7.25M by a bank-approved appraiser.oMarket value projected to exceed $9M upon conversion to a 100% residential property.3.Existing Configuration:o12,000 sq ft of prime retail and office space.oResidential units: 4 studios, 8 one-bedroom apartments, and 8 two-bedroom apartments.4.Conversion Potential:oAfter transformation, the property will feature 6 studios, 8 one-bedroom apartments, and 28 two-bedroom apartments, catering to high-demand residential needs.5.Renovation Incentives:oGuaranteed renovation cost: Only $650,000, after factoring in city-supported CIP grants and interest-free loans.oBoosted rental income: Conversion results in a $90,625 annual increase in net rental income.6.Favorable Financing Options:oCMHC loan eligibility upon issuance of building permits.oLoan covers 100% of conversion costs at a competitive 4% interest rate.Why This Property?With strong current returns, significant upside from planned conversions, and the city-backed incentives to minimize costs, this property represents a rare blend of high yields, manageable risk, and long-term value appreciation.Don't miss this exceptional investment opportunity in the thriving City of Sudbury. (id:27)

Building Features:

  • Building Type: Other
  • Exterior Finish: Aluminum siding, Concrete
  • Foundation Type: Unknown
  • Heating Type: Baseboard heaters
  • Heating Fuel: Electric
  • Appliances: Oven - Built-In

Property Features:

  • Property Type: Single Family
  • Bathrooms: 42
  • Zoning: C6
  • Sewer: Sanitary sewer
  • Parking Type: Covered
  • No. of Parking Spaces: 48

Courtesy of: BAY STREET GROUP INC.

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Location of 124 CEDAR STREET, Greater Sudbury, Ontario, P3E 1B4

Demographic Information of 124 CEDAR STREET, Greater Sudbury, Ontario, P3E 1B4

Life Stage

Later Years

Employment Type

Service Sector

Average Household Income

$78,195.96

Average Number of Children

1.44

Household Population

Household Structure

Age of Population

Education

Education Level

No certificate/diploma/degree

17.59 %

High school certificate or equivalent

30.95 %

Apprenticeship trade certificate/diploma

4.96 %

College/non-university certificate

26.01 %

University certificate (below bachelor)

0.49 %

University Degree

19.99 %

Commuter

Travel To Work

By Car

59.24 %

By Public Transit

25.48 %

By Walking

13.64 %

By Bicycle

0.69 %

By Other Methods

0.95 %

Cultural Diversity

Knowledge of Official Language

Mother Tongue

Building Information

Building Type

Apartments (Low and High Rise)

80.34 %

Houses

19.66 %

Own Vs. Rent