16 UNIT MULTI-FAMILY INVESTMENT PROPERTY 221-251 WEST AVENUE, GLACE BAY, NS INFORMATION MEMORANDUM MITCH O'NEILL AARON FERGUSON Sales and Leasing Representative Sales and Leasing Representative 902 442 8718 902 442 8707 [email protected] [email protected] 221-251 WEST AVENUE 2 | 221-251 WEST AVENUE, GLACE BAY, NS TABLE OF CONTENTS PROPERTY DESCRIPTION 6 > Salient Facts > Location Overview DEVELOPMENT POTENTIAL 8 > Current Zoning MARKET OVERVIEW 11 > Location Review > Amenities Map FINANCIAL INFORMATION 16 > Rent Roll > Income Statement 221-251 WEST AVENUE, GLACE BAY, NS | 3 4 | 221-251 WEST AVENUE, GLACE BAY, NS PROPERTY DESCRIPTION 221-251 WEST AVENUE, GLACE BAY, NS | 5 PHYSICAL DESCRIPTION 221-251 West Avenue is located in Glace Bay, Cape Breton, Nova Scotia. The New Aberdeen Garden Townhouses consist of two rows of eight (8) two bedroom apartment units. Each unit contain living room, kitchen, two bedrooms, 3 and 4 piece washrooms. This 16 unit multi-family building was built in 2011 and is on a quiet corner in a mixed use neighbourhood of single family houses and low rise buildings PROPERTY ADDRESS PID 21-251 West Avenue, Glace Bay, NS 15680655 TOTAL LAND AREA HEAT 3.7 Acres Electric radiant in-floor heat BUILDING(S) GROSS FLOOR AREA 14,800 SF ELECTRIC 400 Amp, main service NUMBER OF UNITS (2) 125 Amp panels per unit (16) Two Bedroom WINDOWS YEAR BUILT Vinyl frame, double glaze 2011 NO. OF FLOORS CONSTRUCTION Single Storey Wood frame TAX ASSESSMENT (2020) PARKING $1,099,700 Gravel lot ASKING PRICE ZONING $2,050,000 NAT, New Aberdeen Townhouse 6 | 221-251 WEST AVENUE, GLACE BAY, NS FEATURES > Two rows of eight (8) two bedroom townhomes > Each unit contains: living room, kitchen, two bedrooms, 3 and 4 piece bathrooms > Medium pitch roof system, covered asphalt shingles > Electric fired radiant in-floor heat > Walls and ceiling fibre glass batting > Sixteen (16) 40 gallon electric fired hot water boilers > Wood - clapboard - exterior cladding > Wood exterior walls, approximately 9 feet > Wood frame metal clad apartment entrance doors with vinyl frame glazed patio doors > Gravel parking lot > Interior floor: laminate and vinyl tile > Poured concrete frost wall foundation > In-suite laundry 221-251 WEST AVENUE, GLACE BAY, NS | 7 DEVELOPMENT POTENTIAL New Aberdeen Townhouse (NAT) Complex Zone lot parcel density is 1 unit per 3,000 sf. Currently, there are 16 units on the site. The PID 15680655 is 3.7 acres or 161,172 sf, of which approximately 106,000 sf is falls under the NAT zone. This zone allows for townhouse development. At 1 unit per 3,000 square feet the current NAT zone allows for an additional 19 units to constructed for a total of 35 units. Section 1 NAT Uses Permitted Development Permits shall only be issued in the NAT Zone for the following uses in compliance with any relevant section of the General Provisions Part of this By-law, and any specific section of this Part devoted to the use. > single detached dwellings that do not have the dimensions of a mobile home as defined by this By-law > two-unit dwellings > townhouses -------------------------------------------- Section 2 NAT Lot Parcel Development and Building Façade Requirements 1. The maximum number of storeys shall be two. 2. The maximum lot parcel density per dwelling unit is 1 unit per 3,000 sq.ft. 3. A courtyard, or atrium, shall be incorporated into the site design when two or more townhouse dwellings are to be constructed and shall be located between two or more townhouses. A courtyard shall have a minimum area equal to 25% of the floor area of oneof the buildings encompassing it. 4. A courtyard, and any area of the lot parcel directly between a townhouse and a public street, and/or between a townhouse and a driveway accessing parking spaces within the lot parcel, and/or any part of the lot parcel within 20 ft. of a townhouse: > not occupied by any building accessory to a townhouse (s); or > not used as a parking area shall be in compliance with the definition for landscaped open area and designed by a Certified Horticultural Technician or an architect. 5. Any utility structures (e.g. garbage receptacles) shall be framed within a fence or surrounded by vegetation comprised of shrubs or bushes. 6. A minimum of one dormer window for every two townhouse dwelling units shall protrude from the sloping roof facing either: > a public street; or > a driveway accessing parking spaces within the lot parcel that provides the main entrance to each townhouse dwelling unit. 8 | 221-251 WEST AVENUE, GLACE BAY, NS SURVEY 221-251 WEST AVENUE, GLACE BAY, NS | 9 10 | 221-251 WEST AVENUE, GLACE BAY, NS MARKET OVERVIEW 221-251 WEST AVENUE, GLACE BAY, NS | 11 LOCATION REVIEW Glace Bay is a community on the east coast of Cape Breton. Glace Bay falls under the umbrella of Cape Breton Regional Municipality (CBRM) which the Atlantic Canada’s third largest metropolitan area. CBRM is home to a significant concentration of government services, social enterprise and private sector companies, including the Canadian Coast Guard, Cape Breton University and NSCC campus. The local university has seen its foreign enrollment triple in the last two years. The Sydney waterfront is to be transformed over the next five years boasting a new NSCC campus and apartment complexes. CBRM is growing and there is local housing shortage that creates conditions which are ripe for further development opportunities. Current Population 17,556* (2016) Avg. household income $47,424* 12 | 221-251 WEST AVENUE, GLACE BAY, NS (2015) Sydney, NS 30 Minutes Sydney Airport 13 Minutes 221-251 WEST AVENUE 221-251 WEST AVENUE, GLACE BAY, NS | 13 14 | 221-251 WEST AVENUE, GLACE BAY, NS FINANCIAL INFORMATION 221-251 WEST AVENUE, GLACE BAY, NS | 15 RENT ROLL Unit # Bedrooms Rent 221 2 $1,250 223 2 $1,250 225 2 $1,200 227 2 $1,150 229 2 $1,150 RENT ROLL 231 2 $1,250 233 2 $1,250 235 2 $1,150 237 2 $1,250 239 2 $1,100 241 2 $1,100 243 2 $1,100 245 2 $1,250 247 2 $1,100 249 2 $1,250 251 2 $1,250 Monthly $19,050 Annual $228,600 16 | 221-251 WEST AVENUE, GLACE BAY, NS INCOME STATEMENT Income # of Units Current Two Bedroom 16 $228,600 Gross Potential Income $228,600 Less: Vacancy & Bad Debt 2.0% $11,430 Effective Gross Income $217,170 STATEMENT INCOME Expenses Snow Removal $7,894 Landscaping & Supplies $1,827 General Repairs $8,403 Electrical and Heat $35,685 Water $5,127 Insurance $2,244 Property Tax Expense $17,589 Total Operating Expenses $78,769 NET Operating Income $138,401 221-251 WEST AVENUE, GLCE BAY NS | 17 CONFIDENTIAL INFORMATION MEMORANDUM MITCH O'NEILL AARON FERGUSON Sales and Leasing Representative Sales and Leasing Representative 902 442 8718 902 442 8707 [email protected] [email protected] This document/email has been prepared by Colliers International for advertising and general information COLLIERS INTERNATIONAL only. 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