For Sale · Multifamily

7 Center Island Road, Fogo Island

7 Center Island Road, Fogo Island, Newfoundland & Labrador A0G2X0

$289,000 total

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Asset Class

Multifamily

Size

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Building class

A

Zoning

RA9 — High Rise

$ / SF

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Occupancy

97%

Year Built

1980

About this property

7 Center Island Road is a Fogo Island property with more ways to use it than most. The main house has three bedrooms. Downstairs there's a two-bedroom basement apartment plus a separate bed-sitting room. There's also a commercial space you could rent out. That's a home, rental income and business potential, all on one oversized lot. Two additional lots come with the property: one roughly 80 x 150 (crown grant), and one 100 x 300, level, and currently used to park camper trailers in the off season. Day-to-day life is easy here, close to the school, hospital, arena and shopping. You're just 5 km from Fogo Island Inn and 6 km from one of the corners of the Flat Earth, two of the island's best-known spots. CBS's 60 Minutes once called Fogo Island a remote jewel off the coast of Canada, and once you visit, you'll see why. Rugged coastline, quiet trails, and a community that makes you feel like part of it right away. Full-time home, rental property, or a place to slow down and reconnect with nature, this one checks a lot of boxes. If you've been looking for a property with real flexibility on Fogo Island, this is worth a closer look. This is an ideal investment property. (id:66811)

Financial sandbox

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Estimate
Purchase price$289K
Down payment30% · $87K
Interest rate6.25%
Amortization25 years
Occupancy97%
Expense growth2.5%

Monthly debt service

$1K

Projected NOI

$15K

Annual cash flow

$-1K

Cash-on-cash

-1.17%

DSCR

0.94

Going-in cap

5.19%

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

86,033

Households

38,203

Median income

$107,000

Median age

33

Daytime population

144,510

5-yr growth

0.8%

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

Secure deal room

Confidential diligence documents for 7 Center Island Road, Fogo Island.

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.