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$ 1,600,000
Est. payment /mo
Active
505 Laforest Sudbury, ON P3C5J5
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Freehold
Listing Status Active
Purchase Type For Sale
MLS® Listing ID 2121074
Originating Board Sudbury Real Estate Board
Property Sub-Type Freehold
Property Description
### **Investment Opportunity – 505 Laforest Ave, Sudbury, ON** Welcome to **505 Laforest Ave**, a prime multi-unit investment property in the heart of **Greater Sudbury**! This well-maintained, newly upgraded **9-unit residential building** offers an excellent opportunity for investors looking for a strong return in a thriving rental market. The property consists of one 3-bedroom unit, six 2-bedroom units, one 1-bedroom unit, and one studio unit, along with an unfinished 1,000 sq. ft. basement with potential for conversion. With a current cap rate of **8.13%** and a potential cap rate of **10.89%**, this property generates an annual income of **$175,632**, with the potential to increase to **$219,540** through rental adjustments and additional revenue streams, including coin laundry, garage rentals, and a vending machine. Many of the units have been newly renovated between 2022 and 2024, featuring modern finishes and updated appliances, ensuring a well-maintained and attractive living environment for tenants. Over 350k Worth renovations have been done in property in last 2 years, including whole electrical system. Located in a thriving Sudbury neighborhood, 505 Laforest Ave offers easy access to schools, parks, shopping centers, and restaurants, making it highly desirable for renters. Nearby amenities include Sudbury Secondary School and St. Charles College, grocery stores such as Food Basics and Your Independent Grocer. Sudbury's real estate market is an attractive investment opportunity, with a **booming economy** supported by strong industries in mining, healthcare, and education. The city offers **high rental demand**, consistent occupancy rates, and strong property appreciation, making it an ideal location for real estate investors. Affordable real estate prices, coupled with ongoing infrastructure development, position Sudbury as a growing investment hotspot with promising long-term returns. (id:24570)
Location
Province ON
Rooms
Kitchen 0.0
Interior
Heating Boiler
Exterior
Parking Features No
View Y/N No
Private Pool No
Building
Sewer Municipal sewage system
Others
Ownership Freehold
Listed by RED AND WHITE REALTY INC. BROKERAGE