Business For Sale · Multifamily

264 KING STREET E, Clarington (Bowmanville)

264 KING STREET E, Clarington (Bowmanville), ON L1C1P9

$5M total

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Asset Class

Multifamily

Size

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Building class

C

Zoning

RF6 — Medium Density

$ / SF

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Occupancy

90%

Lot Size

1.805 ac

About this property

Three-storey stucco-sided structure, offering approximately 74,000 square feet (6,875 square metres) above grade, plus a fully finished basement level. It is currently configured as a long-term care and retirement home facility. Please note that this building will not have future utility as a long-term care facility, as the bed allotment has been relocated to a new facility. Lands: Approximately 1.805 acres of land, located on the northeast corner of King Street East and Galbraith Court, with 317 feet of frontage along King Street East and 250 feet along Galbraith Court. This property is ideally located across the road from the Bowmanville Mall, an enclosed mall anchored by both a large-brand grocery chain and a large-brand pharmacy chain. Additionally, the subject property abuts a new five-storey, 32-unit residential build to the east and a mix of single homes and townhomes to the north. Zoning: The current zoning is R1-3 and is included in the "East Business District" as part of the recently approved Bowmanville East Urban Centre Secondary Plan, with an intended land use of Medium Density Residential. Note: Property Taxes are not assessed, as prior long-term care use was exempt. (id:66811)

Financial sandbox

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Estimate
Purchase price$5.00M
Down payment30% · $1.50M
Interest rate6.25%
Amortization25 years
Occupancy90%
Expense growth2.5%

Monthly debt service

$23K

Projected NOI

$220K

Annual cash flow

$-57K

Cash-on-cash

-3.78%

DSCR

0.80

Going-in cap

4.41%

Figures are modelled from the listed price and asset class for illustration only. Verify all income, expenses, and financing terms independently before making an offer.

Area demographics

Trade area within 3 miles of the property.

Population

100,457

Households

44,631

Median income

$69,500

Median age

41.3

Daytime population

120,254

5-yr growth

4.9%

Modelled estimates for illustration until a licensed census data provider is connected.

Secure deal room

Confidential diligence documents for 264 KING STREET E, Clarington (Bowmanville).

NDA required
  • Offering Memorandum

    PDF · 4.2 MB

  • Rent Roll & T-12

    XLSX · 820 KB

  • Environmental Phase I

    PDF · 6.7 MB

  • Site Survey & Plans

    PDF · 11.4 MB

  • Zoning Confirmation Letter

    PDF · 310 KB

Preview experience — the electronic NDA is illustrative and is not a binding agreement.