MLS 202514687
Jamie Larkin, Realtor
Owner-Broker
Northern Lights Realty
902.218.1701
northernlightspei.com
20417 TCH Crapaud PEI
Two Lots included, PID's 719930 & 216366
7-Unit Income Property in Crapaud, PEI – High-Yield Opportunity. With a potential 8-10% cap rate
Investment Highlights
-Strong Rental Demand PEI’s rental market is one of Canada’s tightest, with a 1.1% vacancy rate ensuring consistent tenant demand.
-Current Income: Four updated units generating $58,992 annually at market rents, with two additional units at below-market rents offering immediate upside potential.
- Historic Charm: The Howatt -Renovation Opportunity: One gutted unit ready for renovation, projected to yield $1,200/month at market rates upon completion, boosting total income to ~$80,000-$100,000/year.
- Net Operating Income (NOI): Current NOI of $28,649 (2024 financials: $58,992 income, $30,343 expenses), with potential for 8-10% cap rate post-renovation.
- Recent Upgrades: Modernized with weeping tile, basement drainage, heat pumps, and a new roof, reducing future maintenance costs.
- Spacious Lot: 1.18 acres offers potential for future development or expansion (subject to zoning).House, an architectural gem, adds unique appeal for tenants and investors.
Property Details
- Unit Breakdown:
- 4 Updated Units: Fully renovated, leased at market rents ($880, $978, $978, $1000/month)
-Units 1, 3, 4, 5, and 6 are eligible for the 2025 annual rent increase.
- 2 Unrenovated Units: Below-market rents, (currently $539,$550) ideal for value-add upgrades to reach $1,200-$1,500/month each.
- 1 Gutted Unit: Ready for renovation, with contractor estimates of $25,000-$35,000 to complete, unlocking $1,200/month in additional rent.
- Financial Snapshot:
- Current Annual Income: $58,992 (6 units)
- Annual Expenses: $30,343 (utilities, taxes, maintenance)
- Projected Income Post-Renovation: $30,000 (7 units at market rents)
- Location Benefits: Crapaud offers a peaceful, rural setting just 30 minutes from Charlottetown, ideal for tenants seeking affordability and tranquility. Close to schools, local shops, and South Shore beaches.