#302, Cloudworks two (5001 forrest Drive)

Vaulted ceilings.  Positive cash flows.  Professional management.  

A great rental unit with big upside.

Price:    $280,000

Size: 1,220 square feet

This clean 4-bedroom unit has a lease in place with good tenants.  With 24-hour professional property management in place, this condominium unit is a turn-key investment property.

Monthly Cash Flow Available for Debt Servicing:  $1,358 per month.

Expected IRR (Internal Rate of Return):  14.2% per annum over 5-years.

How Did We Get These Numbers & What Do They Mean:

The expected IRR is the annualized return on the cash invested over a set period of time.  This return takes transaction costs (like realtor fees) and property value growth into account.

What are the details of the calculations?

Condo Fees: $981 per month ($694 operating plus $287 reserve fund)

Per square foot, the condo fees are very competitive. 

Property Taxes: $1,430 per year (2017 est.)

Utilities:  Heat, water, garbage, hot water, common area cleaning & maintenance covered by condo fees.  Electricity and internet/cable covered by tenant.

4bdrm.jpg

Renovations:

  • Freshly painted throughout entire unit
  • Energy efficient LED lights
  • New washer, dryer & stove
  • Vaulted ceilings
  • Potential for 2nd bathroom in laundry / storage room

 

If this is such a good deal, why is CloudWorks selling it?

Good question.  It was previously occupied by family members, but they have since left Yellowknife.  Beginning September 2016, it has been rented out to some excellent tenants and the owner would now like to sell it.

Viewings and inquiries:

Contact Sam at (867)-447-4777 or sam@cloudworks.ws