124 Cedar Street Greater Sudbury, Ontario P3E 1B4
$5,388,888
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:24801)
Property Details
| MLS® Number | X11881202 |
| Property Type | Single Family |
| Community Name | Sudbury |
| Parking Space Total | 48 |
Building
| Bathroom Total | 42 |
| Appliances | Oven - Built-in |
| Exterior Finish | Aluminum Siding, Concrete |
| Foundation Type | Unknown |
| Heating Fuel | Electric |
| Heating Type | Baseboard Heaters |
| Size Interior | 5,000 - 100,000 Ft2 |
| Type | Other |
| Utility Water | Municipal Water |
Parking
| Covered |
Land
| Acreage | No |
| Sewer | Sanitary Sewer |
| Zoning Description | C6 |
https://www.realtor.ca/real-estate/27709326/124-cedar-street-greater-sudbury-sudbury-sudbury
Contact Us
Contact us for more information
Dongming Wu
Salesperson
8300 Woodbine Ave Ste 500
Markham, Ontario L3R 9Y7
(905) 909-0101
(905) 909-0202
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademark DDF® is owned by The Canadian Real Estate Association (CREA) and identifies CREA's Data Distribution Facility (DDF®)
January 24 2025 08:02:35
Toronto Real Estate Board
Bay Street Group Inc.