Description

44 Koval Street offers the opportunity to acquire a 23-unit multifamily property situated on a large 2.84-acre site in Pickle Lake, Ontario. The property generates a Year 1 net operating income of approximately $135,752, representing an attractive 7.1% cap rate at the current asking price. The property features a practical suite mix of 11 one-bedroom units and 12 two-bedroom units, providing rental housing in a northern market with limited supply. The property includes a 12-car garage that provides a meaningful value-add opportunity. Two bays have been converted into office space, while additional bays are currently being converted into storage units. The storage program has the potential to expand to 25 units. The completed storage program could generate an estimated $30,000 in additional annual revenue. This and other adjustments to the revenue stream have the potential to push the cap rate over 10% in the first 5 years, making it a very attractive investment opportunity. Pickle Lake is Ontario's northernmost community with year-round, all-weather road access and functions as an important northern service, transportation, airport cargo and supply hub. The community supports surrounding remote northern communities, winter-road activity, resource-related operations and access to the Ring of Fire region. Pickle Lake is also well known for fishing, hunting and outdoor recreation, reinforcing its role as both a residential community and a gateway to Northern Ontario's wilderness.

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