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Timmins Investment Opportunity

183, 185 189 Fifth Avenue, Timmins, ON

Dimensions, Shape & Area

The subject property is located 011 the south side of Fifth Avenue and can also be accessed from a rear laneway. The site is rectangular shaped and consists of 60 feet of frontage and 120 feet in depth for an estimated site size of 7,200 Sq.ft.

Services

Services to the site includes; municipal water and sewers. hydroelectric power, natural gas, fire protection. EMS. OPP and cable and internet connections.

The site contains a holding: tank system which was estimated to have been installed 1995 and a drilled well system with one filter which was installed in 2008.

Site Improvements

The property is covered by three detached buildings, a gravel drive. two enclosed porches and a wood deck. There is fencing on both east and west side of the property which is shared with the adjacent neighbor.

Summary & Conclusion

The subject property is located in a mixed 1-esidentiallcommercial district and is within one block north of the downtown core. TI1e site is small for multi-1-esidential ptll]X)\CS and has limited parking. On site parking is not permitted after 11pm from Nov1 to May1 which negatively impacts the property as fewer tenants can park their vehicles. Overall. the site is considered average in condition.

The subject consists of three detached buildings that were built in different stages and are presently registered under one ownership.

Upgrades and Renovations

Recent upgrades and renovations over the past five years:

  • All electrical panels have been upgraded
  • New hot water tank in 183 Fifth Ave
  • Convect space heater replaced in main floor unit of 183 Fifth.

Deferred Maintenance and Repairs Required

The subject property requires some cosmetic repairs and upgrades and is in average to fair condition.

  • Shingles on all three buildings are estimated at 20 years + and are nearing the end of economic life. The owner states that 183 and 185 Fifth Avenue have had leaks and that the roof have to be replaced.
  • Basement unit of 185 Fifth Avenue. is in fair to poor condition and bas been damaged by previous tenants and from –squatters” which were found to be in the unit at the time of inspection. This unit needs repairs to the bathroom, windows and new flooring.
  • Basement unit of 189 Fifth Avenue bas been recently vacated and needs some housekeeping.
  • Second floor, rear unit. of 1&3 Fifth Avenue is vacant however all the belongings from the previous tenant are still in the space. These should be removed and unit cleaned to allow for a new tenant to move in. There is also two broken windows in this unit
  • Second floor. front unit, of 183 Fifth Avenue has water damage to the ceilings from a previous roof leak.
  • Both basement units of l 83 Fifth Avenue have been tenanted by long-term tenants and require housekeeping and some cosmetic upgrades such as carpet cleaning and/or replacement and walls would benefit of being painted.
  • Certain units continue to have dated finishes such as paneling and older acoustic tiles.

Dimensions and Area

Above Grade Building Area: The building was measured by exterior walls.

183 Fifth Avenue: 30. 7 x 63 = 1934 x 2 floors= 3868 Sq.Ft.

185 Fifth Avenue: 26.8 x 35.08 = 940 x 2 floors= 1880 Sq.Ft

189 Fifth Avenue: (20.8 x 12.3) + (9.7 x 16.6) = 417 Sq.Ft.

Design, Layout & Finishes

  1. 183 Fifth Avenue (front building)
  • Rectangular Shaped 2-story building
  • Contains 2 x one bedroom units per floor, including the basement
  • Poured concrete foundation
  • Wood frame and trusses with asphalt shingles and aluminum fascia/soffit
  • Exterior finish is Champlain siding
  • Windows an: wood frame double pane fixed ?d vinyl double glazed sliders
  • Plumbing is copper and ABS.
  • Enclosed porch for stairwells

Four of the six units were tenant occupied at the time of inspection. Each unit is similar in layout and contains one bedroom. a kitchen, living room and four piece bathroom. Interior finishes consists of carpet, laminate flooring. paneling or drywall and acoustic ceiling tiles. The two basement units are long-term tenants and have an extreme amount of clutter. The condition of these units was difficult to assess. Overall the units in this building are in average to fair condition.

Electrical in this building has been upgraded to a 200 amp breaker panel with 7 hydro meters. Each unit has a 60 amp sub-panel.

Heating in the units is provided by individual gas space heaters and electric convect heaters. Hot water is provided by a gas fired 75 gallon tank.

  1. 185 Fifth Avenue (rear building)
  • Rectangular Shaped 2 story building
  • Contains 3 x one bedroom units per floor, including the basement
  • Concrete block foundation
  • Wood frame and trusses with asphalt shingles and vinyl fascia and soffits.
  • Exterior finish is Champlain siding
  • Windows are vinyl double glazed sliders
  • Plumbing is copper and ABS
  • Enclosed porch for stairwells to basement and second floor.
  • Electrical in this building consists of 3 x l 00 amp breakers with separate meters.
  • Heating is each unit is from electric convect space heater. The building has one electric 50 gallon hot water tank.

Two of the three units were tenant occupied at tile time of inspection. The basement unit which is in need of repairs had trespassers that had been living in the unit for an undetermined amount of time. The unit had been damaged as they broke into the unit by a window. The unit requires some repairs and plumbing, a toilet and cosmetic updates and is in fair condition.

The main floor is well maintained and has newer finishes and is in good to average condition.

The second floor unit could not be inspected and being assumed in average condition.

  1. 189 Fifth Avenue (bungalow)
  • L-Shaped one story building
  • Contains a 1 bedroom unit per floor with a kitchen and a four piece bathroom. There is no living room. The bedroom has a window, doorway and closet.
  • Poured concrete foundation
  • Wood frame with trusses and asphalt shingles
  • Exterior finish is Champlain siding
  • Windows are wood frame double pane fixed and vinyl double glazed slider.
  • Wood porch
  • Plumbing is copper and ABS
  • Heating is provided by gas fired space heaters and hot water is from a gas fired 40 gallon tank
  • Each unit has its own 100 amp breaker panel and meter.

The unit on the main floor was tenant occupied and generally well maintained. It has carpeting. vinyl flooring. acoustic ceiling tiles and drywall. Overall the unit is in average condition. The basement unit has recently been vacated and still needs to be cleaned. The unit has a similar layout but is in average to fair condition and some kitchen cupboards are missing.

Taxes: Real property taxes are estimated for 2017 at $8,465 for the residential taxes based on the 2016 mill rates.

Water/Sewer: Paid by the owner. The monthly average paid in 2016 was $418.30.

Hydro: The owner is responsible to carry the costs for the vacant units and the common halls for 183 Fifth Avenue. Monthly average 2016 was $350.

Heat: Monthly average in 2016 was $335.

Insurance: Owner responsible for liability fees and replacement cost of the building. The Insurance fee per month is $261.50.

$383, 415

71 Main Street, Timmins, ON

Dimensions, Shape & Area

The subject property is located on the comer of Main Street, Shamrock Avenue and Bloor Avenue. The site is rectangular shaped and consists of 163 feet of frontage on Main Street and 100 feet of depth fur an estimated site size of 16,300 square feet.

Services

Services to the site includes: water and sewers, hydroelectric power, natural gas, for protection, EMS, OPP and cable and internet connections.

Site Improvements

The subject property contains a cement pad and gravel drive, plug-ins for the parking spaces, flower garden at the front of the building, concrete porches and landscaping.

Summary & Conclusion

The subject property is located in a mixed-use district and is within the downtown core of South Porcupine. The traffic flow on the street is moderate but parking and access to the site is from Shamrock Ave or Bloor Avenue which are streets with light traffic. The site is suitable for multi- residential purposes. Overall, the site is considered average in location.

The subject consists of detached two story residential building with a full basement that was built in 1938- The building has had some renovations and upgrades over the past few years but continues to require some interior work and roof and window :repairs. The building is improved with fifteen self-contained units. At the time of this report, one of the units in the basement cannot be tenanted and requires some repairs.

Upgrades & Renovations

Recent upgrades and renovations over the past years:

  • Units 4 in the basement and Unit 105 on the main floor were completely renovated due to a water pipe leak that froze on the second floor. This has since been fully repaired.
  • Unit 1 was upgraded as part of a tenant agreement
  • New suspended gas heaters were added to the stairwells
  • Hydro meter was converted in 2012 into one main 600 amp 3 phase system.
  • Unit 201 has new carpets and paint
  • Attic leak on the south west comer was :repaired and new insulation was added but the interior ceiling in the hallway has not been fixed.
  • Central fire alarm was added 3 years ago
  • Video monitoring in the stairwells was added 2 years ago
  • Coin laundry area was added a few years ago

Deferred Maintenance & Repairs Required

The subject property has had renovations but continues to have some deferred maintenance and repairs are required. Owner has provided cost estimates for the work that is required.

  • Flat membrane roof is over 20 years old and leaks in some areas. This should be repaired or replaced.
  • some windows are broken or do not open and should be replaced
  • Exterior stucco is damaged and would benefit of being re-surfaced or covered.
  • Flooring in the stairwells and hallways are worn and need should be updated
  • Parking lot needs to be re-surfaced as water leaks through the concrete pad into the sub- basement.
  • Unit 3 is the basement requires flooring throughout, new bathroom fixtures, one window, some kitchen cupboards and paint.
  • Some of the units have dated finishes and should be upgraded.
  • The building does not have an elevator which would be extremely expensive to include. This functional deficiency is not mandatory

Dimensions & Area

Gross Building Area: The building was measured from. the exterior walls.

An official building survey is not available and the report estimates the size of each floor.

Main Floor: (37.62′ X 116.4′)-(6.83′ X 21.46′) = 4375 Sq.Ft.

Second Floor: 4375 Sq.Ft.+ (37.62′ x 66′) = 6858 Sq.Ft.

Basement Floor: (37.62′ X 116.4′)-(6.83′ X 21.46) =4375 Sq.Ft.

Total above grade building area: 11,233 +/- Sq.Ft.

Design, Layout & Finishes

Main Floor

The building has two large stairwells, which allows access to all levels. This floor contains five residential units

  • Unit 101 is a one bedroom unit that is presently vacant and contains a kitchen, living room and four-piece bathroom. The unit is in average condition.
  • Unit 102 is a bachelor unit that is tenant occupied and contains a kitchen, living room and four-piece bathroom. This unit is in average condition.
  • Unit l 03 is a bachelor unit that is vacant and contains a kitchen, living room and a four-piece bathroom. The unit is in average condition
  • Unit 104 is a two-bedroom unit that is tenant occupied by a long-term tenant. The unit is well maintained but has some dated finishes and is in good to average condition.
  • Unit 105 is a newly renovated one bedroom. unit that is, meant. The unit is improved with a kitchen, large living room, and modem four-piece bathroom.

Finishes for the main floor include carpeting, ceramic and vinyl sheet flooring. Drywall throughout with some stucco ceilings. Ceiling height on this floor is 12′.

Windows are built of wood frame and casings with double pane awning windows and vinyl double pane sliders.

All units are heated with electric baseboard heaters.

Second Floor

This floor contains six residential units.

  • Unit 201 is a 2-bedroom unit that is presently empty. This unit is improved with a kitchen. living room, one bedroom and a loft area that has open bedroom/den and a four-piece bathroom. The unit is in average condition.
  • Unit 202 is a 1 bedroom that is tenant occupied. The unit contains a four-piece bathroom and bedroom when you come into the unit and a kitche11 and living room in the loft area.
  • Unit 203 is a 1 bedroom unit that is tenant occupied and has a similar layout as unit 202.
  • Unit 204 is a 1 bedroom unit that is vacant and is similar in layout as unit 203.
  • Unit 205 consists of a 2-bedroom unit that is tenant occupied by a long-term resident. The unit is improved with a kitchen. living room and bedroom when you come in and a bedroom/den and one four-piece bathroom located in the loft area.
  • Unit 206 consists of a 2-bedroom unit that is similar in layout and condition as Unit 201.
  • This floor also contains a coin laundry room with two washers and two gas fired dryers.

This floor is finished with carpeting and vinyl sheet flooring, drywall throughout and electric baseboard heat.

Windows are older double pane wood fixed windows with vinyl double pane sliders at the bottom.

Ceiling height on this floor is seven feet.

All units on this floor are heated by electric baseboard radiators.

Basement

The basement has a small sub-basement which contains the 600 amp three phase electrical system and a storage area beneath the concrete driveway. This section is showing signs of wear and water is seeping through the cement into this area.

This floor also contains four residential units however Unit 3 is presently used as a storage space and requires significant repairs.

  • Unit 1 consists of a 1 bedroom unit that vacant. This unit is improved with modem finishes and contains a kitchen., small living room and four-piece bathroom. This unit is in good condition.
  • Unit 2 is a small bachelor unit that is tenant occupied. The unit contains a living room. kitchen and four-piece bathroom. The unit is in average condition.
  • Unit 4 has been newly renovated and upgraded and is considered in good condition. The unit has a kitchen, living room, one bedroom and a modern four-piece bathroom.

This floor has similar finishes to the others and has carpet and vinyl sheet flooring, drywall throughout and electric heat in all the units.

Ceiling height in the basement is 7’ 8″.

Exterior Finish:

The building is of concrete structure with stucco finish with steal/aluminum fascia and a flat membrane roof. The roof could not be inspected. The owner estimates that it is over 20 years old and has had several repairs done over the years. The roof is considered near end of economic life and would need to be replaced.

The building has two concrete stoops that require some mortar or cement.

Plumbing: As per the inspection, plumbing appears to be copper, ABS and Plex. Cast iron or galvanized plumbing was not observed, however, it cannot be assured that it isn’t present.

Hot water: Hot water is provided by three 70 gallon gas fired, insulated tanks.

Heat: The building was previously heated with a gas filled hot water boiler but was removed in the 1980’s and replaced with electric baseboard heat. Some of the piping for the system is still present however the boiler has been removed. The chimney stack for the heating system is no longer used. The brick that lines the chimney is worn and damaged. The owner states that the building was struck by lightning approximately 14 years ago and that caused some damage. The chimney is blocked off in the basement and is no longer being used.

The property has a coin laundry area with two washers and dryers. Each load costs $2.

Taxes: Paid by the owner. Real property taxes are estimated for 2017 at $18,466.

Water/Sewer: Paid by the owner. Averaged at $275 per month.

Hydro: Paid by the owner. Average monthly cost in 2016 was $3,140 when building was half full; however, this was before the installation of gas heaters in the stairwells.

Heat: Paid by the owner. Cost reported in 2016 was $3,000.

Insurance: Owner responsible for liability fees and replacement cost of the building. The Insurance fee per month is $610.

$933, 190

84 Main Street, Timmins, ON

Dimensions, Shape & Area

The subject property is located on the north-west comer of Main Street and Shamrock Avenue. The site is rectangular shaped and consists of 50 feet of frontage on Main Street and 112.57 feet of depth. The total site size is 5,628.50 square feet.

Services

Services to the site includes: municipal water and sewer, hydroelectric power, natural gas, fire protection, EMS, OPP and cable and internet connections.

Site Improvements

The subject property contains a side gravel parking, some concrete slabs, an enclosed rear porch for the basement, and wood exterior stairwell to due second floor that is in fair condition.

The site is snow covered and assumes that the condition of the site is in average condition.

Summary & Conclusions

The subject property is located in a mixed-use district and is within the downtown core of South Porcupine. The traffic flow on the street is moderate but parking and access to the site is from Shamrock Ave which is street with light traffic. Tue site is suitable for multi-residential purposes. Overall, the site is considered average in. location.

The subject consists of detached two story :residential building that is estimated to have been built in 1959. The building has had some renovations over the past few years but continues to require some exterior finish and repairs. The building is improved with six self-contained units.

Upgrades & Renovations

Recent upgrades and renovations over the past few years:

  • Insulation and Stucco finish on 2 ½ walls.
  • Windows upgraded to vinyl thermal
  • Electrical panel upgraded 10 years ago
  • Gas boiler system was replaced 10 years ago
  • All six units have had some updates such flooring, paint

Deferred Maintenance & Repairs Required

The subject property requires some repairs and upgrades and include the following:

  • The north wall and part of the rear west wall require exterior stucco finish and are exposed cement finish with no additional insulation.
  • Roof leak noted on the ceiling of the second-floor front unit. The ceiling has been damaged. Although, no interior finishes were wet, at the time of inspection, there was evidence of previous seepage. The owner admits that the roof needs to be repaired. Roof is assumed to be a flat membrane that is over 20 years old.
  • Flooring in the kitchen and bathroom of the rear second floor unit is damaged and would benefit of being replaced.

Dimensions & Area

The building was measured from the exterior walls.

An official building survey is not available and the report estimates the size of each floor.

Main Floor: (48’2′” x 60′ 1″)- (25’3″ x 20′ l “) = 2384 Sq.Ft.

Second Floor: Same measurements = 2384 Sq.Ft.

Basement: Same measurements= 2384 Sq.Ft.

Design, Layout & Finishes

Building Description:

The structure consists of concrete block walls and a flat membrane roof with aluminum.

The exterior finish is partly finished with Styrofoam insulation and colored stucco. Part of the rem: wall has been parged with cement but is unfinished and the north wall is exposed concrete blocks.

Windows are newer and consist of vinyl thermal hung and vinyl thermal sliders.

Foundation is of poured concrete and the structure contains wood studs and posts and steel horizontal beam?.

Plumbing consists of ABS and Copper piping. Some of the piping in the basement is wrapped in cement fibrous mate1ial which may or may not contain asbestos. Cement insulations is common foe the age of the property.

The building is heated with a gas fired water boiling system that was upgraded approximately 10 years ago.

There is a 70 gallon gas hot water tank that is not a rental unit.

The hydro panel has been updated and consists of a 400 amp breaker panel.

Ceiling height on the main floor is 9’T” and the ceiling height on the second floor is 8′ 3 “. The basement is accessed from an exterior stairwell and is full unfinished with good clearance between 6′ 8″ and 7′ 6” in ceiling height.

Unit Description

Main Floor

  • Unit 4: The unit is tenant occupied and consists of modem and updated finishes and is in good condition. The unit has one bedroom, kitchen, living room and a 4pc bathroom.
  • Unit 5: The unit is tenant occupied and consists of two bedrooms, kitchen, living room and a 4pc bathroom. This unit has not inspected and assumed to be in average condition.
  • Unit 6: The unit is tenant occupied and consists of two bedrooms, a kitchen, large living room and 4 pc bathroom This is in good to average condition.

Second Floor

  • Unit 1: The unit is tenant occupied and consists of a spacious three-bedroom unit, with a kitchen, dining area, living room and a four-piece bathroom. The unit is well maintained with some updated finishes however has suffered ceiling damages from a roof leak.
  • Unit 2: The unit is tenant occupied and consists of one bedroom, a kitchen, living room and a four-piece bathroom. The unit has good housekeeping but some of the finishes are dated. The unit is in average to good condition.
  • Unit 3: The unit is tenant occupied and consists of one bedroom, a small kitchen, living room and a four-piece bathroom. This unit is in average condition.

Taxes: Real property taxes are estimated for 2017 at $4,109.95 for the residential taxes based on the 2016 mill rates.

Water/Sewer: Paid by the owner. The annual amount paid in 2016 was $2,460.

Hydro: Paid by the owner. Average monthly cost in 2016 was $235.

Heat: Paid by the owner. Average monthly cost in 2016 was $315.

Insurance: Owner responsible for liability fees and replacement cost of the building. The Insurance fee per month is $405.

$373, 141

125 Kirby Avenue, Timmins, ON

Dimensions, Shape & Area

The subject property is located on the south-east comer of Kirby Avenue and Birch Street South. The site is rectangular shaped and consists of 123 feet of frontage by 112.57 feet of depth. The total site size is 13,500 square feet.

Services

Services to the site includes: municipal water and sewer, hydroelectric power, natural gas, fire protection, EMS, OPP and cable and internet connections.

Site Improvements

The subject property contains a side and rear paved parking area and a covered porch. The remainder of the site is covered by the building. The property has minimal to no landscaping.

The site is snow covered and assumes that the condition of the site. is in average condition.

Summary & Conclusion

The subject property is located in a mixed-use district and is within the downtown core. The traffic flow on the street is light to moderate however access to the subject property is from Birch Street South which is slightly less busy. The site is suitable for multi-residential purposes and overall, the site is considered average in condition.

The subject consists of detached two story multi-residential building that is estimated to have been built in 1945. The building has had some renovations over the past few years but continues to require some interior repairs and cosmetic updates and is in average condition and with two units being partly finished. The building is improved with seventeen self-contained units.

Upgrades and Renovations

Recent upgrades and renovations over the past few years:

  • Roof repairs to a few areas in the building
  • Repair of water pipe break between main floor and basement.
  • Upgraded hydro panel to 600 run, three phase breaker with 16 meters recently
  • Renovated Unit 17 (good condition)
  • Upgraded fire alarm system
  • Water meter was added a few years ago
  • Unit 15 was recently painted and has newer flooring

Deferred Maintenance and Repairs Required

The subject property requires some repairs and upgrades and includes the following: (Estimated cost to repair for some items have been provided by the owner.)

  • Roof repairs or replacement is required. The roof is estimated at over 20 years old and has been patched over the years. There is evidence of leaks in several areas of the building.
  • Unit 10 and Unit 7 require some drywall, mud, paint, some electrical work and are partly finished.
  • Hallway and stairwell flooring is worn and should be replaced.
  • The exterior stucco finish has been damaged by graffiti from the wall that faces the laneway.
  • Exterior parking and stucco has a few cracks.
  • Some window frames are showing signs of water damage and should be repaired or replaced
  • Unit 9 is tenanted by a hoarder and should be de-cluttered and have some housekeeping to prevent bug infestations. The ceiling in this unit has been damaged by a rood leak and has not been repaired.
  • Unit 11 has been tenanted by the same person for over 15 yearn. The unit would benefit of an update. The tenant is a smoker and the walls and ceilings are severely stained
  • The building does not have an elevator which is considered a functional obsolescence. This is not mandatory for a building of this age and would be cost prohibitive to add. This does however reduce the supply of tenants capable of living in the units.

Dimensions & Area

An official building survey is not available and the report estimates the size of each floor. The building was measured from the exterior walls.

Main Floor: (37.5 x 89.9) + (22.4 x 40.3) = 4274 Sq.Ft.

Second Floor: Same measurements= 4274 Sq.Ft.

Basement: Same measurements= 4274 Sq.Ft.

Design, Layout & Finishes

Building Description

The structure cement of cement structure with a flat membrane roof with aluminum fascia. The exterior finish consists of stucco and aluminum siding. The windows are a mixture of wood frame double glazed fixed/sliders, aluminum frame double pane and vinyl double pane sliders. Exterior doors are steel frame and insulated steel doors.

Foundation is of poured concrete.

Plumbing consists of ABS and Copper piping; No cast iron or galvanized plumbing was observed however may be present within the building.

The building is heated with electric baseboard heaters and gas pace heaters.

There is a 70 gallon gas hot water tank that is owned.

The hydro panel has been updated and consists of a 600 amp three phase system with 16 meters. Unit 7 is presently collected to the hydro meter that meters the common hallways. laundry room and storage area.

The ceiling heights on each floor is good and varies from 7’5′ and 8’7

Unit Description

The building contains: 1 bachelor; 11×1 bedroom; 4×2 bedrooms; 1×3 bedrooms

Main Floor

  • Unit 4: The unit is vacant and consist, of dated 2-bedroom apartment that is in fair condition. The unit has a kitchen, dining area, living room and a 4pc bathroom.
  • Unit: The unit is tenant occupied and contains one bedroom. a kitchen, dining area, living room and a 4pc bathroom This unit is in good to average condition.
  • Unit 6: The unit is tenant occupied and contains two bedrooms, a kitchen., dining area, a large living room and 4pc bathroom. This unit is in average condition.
  • Unit 7: The unit is vacant and has suffered from water damage. The unit requires drywall, mud and paint to ceilings and walls in two rooms and some electrical work. The unit consists of three bedrooms, a kitchen, living room and a four-piece bathroom. The unit is in average to fair and unfinished condition.
  • Unit 15: The unit is vacant and has been renovated. The unit contains two bedrooms, a kitchen., dining area, living room and a four-piece bathroom. Overall, this apartment is in good to average condition.

Second floor

  • Unit 8: The unit is vacant with a new tenant moving in on April 1st. This unit has been upgraded with new carpets and fresh paint. The unit consists of one bedroom, a kitchen, dining area, living room and a four-piece bathroom. Overall this unit is in good condition.
  • Unit 9: The unit is tenant occupied by a long-term tenant This unit is cluttered and requires housekeeping and some repairs. The tenant is a hoarder and the condition of the unit is difficult to determine. There is damage to the ceiling in the kitchen from a roof leak. The tenant admits that he did not notify the property owner. This unit consists of one bedroom, kitchen, dining area, living room and four-piece bathroom. The unit is in fair condition.
  • Unit 10: The unit has been vacant for 2 years and has been damaged by a previous tenant. There are holes in the walls and damage to some of the flooring. The unit is in average to unfinished condition and consists of one bedroom, a kitchen, dining area, living room and a four-piece bathroom.
  • Unit 11: The unit is tenant occupied by a long-term tenant that has been in the building for over 15 years. The tenant is a smoker and the unit is yellowed from the smoke and the carpets need to be replaced. This is a bachelor apartment with a kitchen, living room and four-piece bathroom. This unit is in average to fair condition.
  • Unit 12: The unit is tenant occupied and consists of one bedroom, a kitchen., living room and a four-piece bathroom. The unit has good housekeeping but some of the-finishes are dated. The unit is in average to good condition.
  • Unit 13: The unit is tenant occupied however the tenant would not answer the door. Due to safety reasons, we did not enter the premise. This unit was not inspected and is being assumed in average condition. The unit consists of one bedroom, a kitchen, living room and a four-piece bathroom.
  • Unit 14: The unit is tenant occupied and consists of one bedroom, a kitchen, living room and four-piece bathroom. This unit is in average condition.

Basement

  • Unit 1: The unit is tenant occupied and consists of one bedroom, kitchen dining area, living room and a four-piece bathroom. This unit is well maintained and in good condition.
  • Unit 2: This is a small one bedroom unit that is tenant occupied. This unit has a living room, open kitchen, one bedroom and a four-piece bathroom. The unit is in average condition.
  • Unit 3: The unit is tenant occupied. The unit is large and consists of a two bedrooms, kitchen, dining area, living room and a four piece bathroom. Unit is in good to average condition.
  • Unit 16: This is tenant occupied and is a small one bedroom apartment with a kitchen, living room and four-piece bathroom. Unit is average in condition.
  • Unit 17: This small unit has been fully renovated, is in good condition but presently vacant. The unit consists of one bedroom, a kitchen, living room and a four-piece bathroom. The unit has had a bit of water damage to one window casing and frame. The window has been replaced by the interior finish has not be repaired.
  • Laundry room: There is a common laundry room, with three coin washers and three coin dryers. The space is finished with drywall and concrete walls and cement floor and fluorescent lighting.
  • Electrical/ Utility room: This room contains 1he electrical panel and meters, there is also the hot water tank and the emergency fire system. This room is unfinished
  • Storage Room: This room did contain drywall to the walls and ceilings but has had some water damage from a pipe leak from the main floor. The pipe has been repaired by the damage to this room hasn’t been repaired. This is a storage room for the owner and not used by the tenants.
  • Interior Finishes: Flooring throughout the building is primarily carpet and vinyl sheet. Walls and ceilings are finished with drywall and paint. Kitchen cupboards are older melamine finish with laminate counters. Bathroom fixtures are porcelain and fiberglass/ acrylic plastic. Most of the lighting is from incandescent fixtures wall lamps.

The property has a coin laundry area with two washers and dryers. Each load costs $2.

Taxes: Real property taxes are estimated for 2017 at $19,451.74 for the residential taxes based on the 2016 mill rates.

Water/Sewer: Paid by the owner. The monthly average paid in 2016 was $235.

Hydro: Owner is responsible to carry the costs for the vacant units, the hallways, stairwells, laundry and storage area. Average monthly cost in 2016 was $1,648.

Heat: Paid by the owner. Average monthly cost in 2016 was $215.

Insurance: Owner responsible for liability fees and replacement cost of the building. The

Insurance fee per month is $672.

$695, 000

45 Spruce Street S., Timmins, ON

Dimensions, Shape & Area

The subject property is located within the down town core of the City of Timmins on the north-west corner of Third Ave and Spruce South. There is a laneway that runs at the back of 1he property. The site is rectangular shaped with a slight irregularity. The property has 30.17 feet of frontage on Third Avenue and 108 feet of depth on Spruce Street South for a total lot size of 3,258.36 square feet.

Services

Services to the site includes: municipal water and sewers, hydroelectric power, natural gas, fire protection, EMS, OPP and cable and internet connections. There is on-street parking in front of the subject property.

Site Improvements

The sire has three covered entrances.

Summary & Conclusion

The subject property is located in a mixed use commercial/residential district but is well placed in conjunction of its visibility to the public and traffic exposure. The location of the site is good for commercial use and average for residential put poses due to the fact that there is no free parking. The Timmins Transit depot is located across the street which is beneficial for tenants with no vehicles.

The subject consists of one 2-story building that is estimated to have been built in 1923 and is presently a mixed use commercial/retail/office with six self-contained units on the second floor.

Upgrades & Renovations

Recent upgrades and renovations over the past five years:

  • Unit 278 Third updated bathroom, new flooring in offices and hallway, paint
  • Unit 4SA, basement office space has new flooring, paint and bathroom fixtures
  • Unit 102, main floor office, has new flooring, drywa1L ceiling tiles, paint.
  • Upgraded electrical to the 400 amp three phase-4 wire breaker panel

Deferred Maintenance and Repairs Required

Although the subject property has had some renovations there are still some upgrades and repairs required.

  • The asphalt built-up flat roof is estimated at over 20 years and has caused some damage due to leaks and is evident on the second floor. The ceilings in the units should be repaired
  • Some windows in the building would need to be replaced.
  • Carpeting in the hallway is worn and should be replaced.
  • Exterior stucco is cracked or damaged and should be replaced or fixed.
  • There is graffiti on the building that should be removed.
  • One basement unit is being used for residential purposes and is in fair condition. The bedrooms have no windows but the unit does have two exits.

Dimensions & Area

Gross Building Area: The building was measured by the exterior walls. The building takes up the entire lot with  the exception of three small covered entrances.

An official building survey is not available and the report estimates the building size of each

structure.

Main Floor: 30′ x 108′ = 3240 Sq.Ft.

Second Floor: 30′ x 108′ = 3,240 Sq.Ft.

Basement: 30′ x 108′ = 3,240 Sq.Ft.

Design, Layout and Finishes

The subject consists of a concrete structure with a flat built-up asphalt roof with stucco siding finish and aluminum fascia. The windows are old wood frames with glazed fixed ‘w-windows and the second floor are double glazed, vinyl sliders. Exterior doors are steel casements and frames with windows panels.

  1. Main Floor

Unit 102: Centre Francophone pour adultes

  • L-Shaped space with one office/file room located on the second floor
  • Estimated gross leasable area is 1620 +/- square feet
  • Reception area with waiting area or office
  • Open working area/board room
  • Manager’s office
  • File room/office
  • Storage room

The space is presently tenant occupied by the French adult education center and has been renovated to suit their needs. The space has good laminate. vinyl tiles and carpet flooring, drywall, suspended tiles and fluorescent lighting. The space is accessible by two entries. Overall, this space is in good condition.

Unit 101: Steel Workers Union

  • Rectangular spaced
  • Estimated gross leasable area 1080 +/- square feet
  • Two offices
  • Reception area
  • Boardroom
  • Lunchroom

The space is presently tenant occupied by the Steel Workers l7nion and used as there central office. Tue unit has some dated finishes and includes ca1peting, vinyl sheet flooring, older ceiling tiles and fluorescent lighting. There is some damage to the ceiling in the north-east corner of the unit which was caused by a leak from the apartment above. Tue leak was repaired but not the damages inside. Overall the unit is in average condition.

Common Area

The main floor units can be accessed by a common hallway where two 2pc v;ashrooms are located.

  1. Second Floor

The second floor consists of six self-contained residential units which were fully tenant occupied at the time of inspection.

  • Unit 1 could not be visited as the tenant changed the lock and wasn’t present. The unit is being assumed in similar condition to the other residential units in the building.
  • Unit 1 is a bachelor apartment, Unit 2 to Unit 6 are one bedroom apartments and all contain kitchen, living room and four-piece bathroom
  • Unit 4 and Unit 6 have ceiling and wall damage caused by the leaking roof

Finishes in the apartments consist of carpeting, laminate and vinyl flooring, drywall throughout, incandescent lighting and older kitchen melamine cupboards and counters. Overall the apartments are considered in average to fair condition.

  1. Basement

Unit 278 Third Ave

  • Irregular shaped
  • Estimated gross leasable area is 1000 +/- square feet
  • Full kitchen with triple stainless-steel sink and island
  • Two x 2pc washrooms
  • Three offices

The space has had many uses which included a coffee and sandwich shop, drop-in center and education center. The unit is in the process of being vacated and will be on the market to be leased. Finishes in the space consists of ceramic, laminate and vinyl tile flooring, drywall throughout and a mixture of lighting. Overall the space is in good to average condition.

Unit 45A

  • Rectangular space
  • Estimated gross leasable area is 1080 +/- square feet
  • Reception with open office area
  • One dosed office
  • Laundry room
  • 2 pc washroom
  • Storage room

The space is presently co-shared with a seamstress and a massage therapist. The space has been significantly renovated and upgraded for the tenant and is in good condition. Finishes include laminate, ceramic flooring, drywall throughout and tungsten-halogen light fixtures. The bathroom has updated fixtures.

Unit 102-B

There is a two-bedroom unit with no windows located in the basement of the building. One tenant has been in the apartment for over 15 years. The unit is cluttered and difficult to get around. The unit contains a kitchen, living area, two bedrooms, a storage area and a three-piece bathroom. The unit is in fair condition.

Additional Features

Hydro: The two basement commercial units have their own 100-amp breaker panels and the remainder of the building is powered by a 600 V-400 amp three phase panel.

Heat: The building is heated by electric baseboard radiators or electric space convection heaters.

Hot water: 60-gallon gas water tank

Fire Alarm: The building has a built-in smoke detector alarm system.

Ventilation System: The building does not have a roof top HV AC system.

Taxes: Real property taxes are estimated for 2017 at $9,615.08.

Water/Sewer: Paid by the owner. The monthly average paid in 2016 was $410.

Hydro: 3 of the 4 commercial tenants are responsible for their hydro with the remainder of the building being the owner’s responsibility. Average monthly reported was $2,050.

Heat: Paid by the owner. Average monthly cost in 2016 was $125.

Insurance: Paid by the owner and estimated at $5,700 per year.

$746, 810

By |2019-01-18T12:17:17+00:00August 15th, 2018|Investment|Comments Off on Timmins Investment Opportunity

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