Income properties for sale in Rimouski

Rue Alcide-C.-Horth, Rimouski

Income properties

Rue Alcide-C.-Horth, Rimouski MLS# 28564809

$ 21,000,000 CAN

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Multi-Phase Residential Development Project located on the main thoroughfare in Rimouski, the regional hub of the Bas-Saint-Laurent region. The project comprises 253 rental apartment units and a neighbourhood commercial component, developed over four phases, with the option to acquire individual phases or the entire development. The property is designed to achieve a premium market positioning, featuring steel-frame construction with lightweight concrete slabs, a brick and metal exterior envelope, high-performance windows, air conditioning, elevator service, indoor and outdoor parking, private storage units, balcony and fire protection system.

Addenda

Rimouski, according to the Canada Mortgage and Housing Corporation (CMHC), has a vacancy rate of approximately 0.2%, compared with 2.4% for the Québec City region, 2.9% for the Montréal region, and a 3.1% Canadian average. Rimouski is therefore well below the market equilibrium vacancy rate of approximately 3.0%.

The Mayor of Rimouski estimates that 2,500 new housing units are required to restore market balance and 4,000 units by 2030 to support the city's desired growth.

The 253-unit rental housing project will be developed in four phases. Construction of the first two phases is scheduled to begin in June and September 2026, with completion and occupancy targeted for April and June 2027, respectively.

The average cost per unit is $300,000 (taxes included), based on 69 residential units and 1 commercial unit.

For the 1st 69 units : Gross Revenue: $1,296,096 Expenses: $348,607 Net Operating Income (NOI): $909,902 Capitalization Rate (Cap Rate): 4.33%

Financing through the APH Select Program with a 50-year amortization period is currently in the final stage of negotiations.

Projected first-year return:

2.99% cash-on-cash return (liquidity) 4.57% mortgage principal paydown (equity build-up) At least 2.0% property appreciation

This represents a total projected gain of approximately $660,036, or 12.57% of the initial investment during the first year, and approximately $3,361,870 over the first five (5) years, representing a 64.04% return on the initial investment.

These figures are projections based on reasonable assumptions and credible budget estimates.

Additional details and information can be provided and discussed with investors who have an interest in the project.

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Description

Detail

Property Type: Income properties Price: $21,000,000 Municipality: Rimouski Address: Rue Alcide-C.-Horth Year: 2026

City Evaluation

Lot: $0 Building: $0 Total : $0

Dimensions

Lot size: 160.6 X 243.9 Feet Lot Area: 39209 Square feet Building size: 70 X 112 Feet Building space: 58605 Square Feet

Rooms

Rooms: 0 Bedrooms: 0 Bathroom(s):0 Powder Room(s):0

Characteristics

Available services Balcony/terrace Caretaker Fire detector Indoor storage space Jet system Visitor parking Basement foundation Concrete slab on the ground Bathroom / Washroom Seperate shower Cupboard Melamine Easy access Elevator Equipment available Entry phone Ventilation system Wall-mounted heat pump Foundation Poured concrete Garage Fitted Heated Heating energy Electricity Heating system Electric baseboard units Landscaping Landscape Parking Garage Outdoor Proximity Highway Hospital Public transport University Roofing Asphalt and gravel Elastomer membrane Sewage system Municipal sewer Siding Aluminum Brick Other Topography Flat View Panoramic Water supply Municipality Window type Hung Windows Aluminum PVC Zoning Commercial Residential Number of garages20

Costs

Business taxes : $0 (Yearly) Other taxes : $0 (Yearly) Water taxes : $0 (Yearly) Municipal Taxes : $0 (Yearly) School taxes : $0 (Yearly) Utilities taxes : $0 (Yearly) Total: $0