Lexington Manor is located in West-Central Edmonton in the Very Desirable Neighourhood of Westmount, on 124th Street, just 10 blocks North of Jasper Avenue. 124th Street has gone through a City of Edmonton sponsored revitalization program several years ago which included attractive street lighting, planters & subsidies provided to Retailers in this area. There is a mix of Low Rise & Mid-Rise Commercial Structures; New Condo Projects; Condo Conversion Projects, Rental Apartment Buildings and several Stately Character Homes that were converted to commercial spaces. The homes to the east and west are mainly character homes, most of which have been upgraded substantially. This is a very desirable residential area.
Lexington Manor is of Concrete Construction which is Rare forEdmonton! It is a four storey project with all suites Above Grade. There is an elevator in addition to a staircase. It is a very solid, stable project. There are 12 large concrete balconies. There is an intercom System as well as Security Cameras. The Grande Lobby/Foyer which is attractively decorated is much appreciated by the Tenants. (please view photos).
A Condo Plan is in progress and Individual Titles can be delivered for Registration on Possession if required. There is potential for rezoning & adding commercial space to large space on main floor that is currently utilized as a Rental Office, Workshop and Storage Room. Or, one could add on an additional Residential Suite which would increase the income by $800-1,200 per month.
The Mortgage can be assumed with Qualification & there is a possibility of a VTB 2nd Mortgage if the 1st Mortgage of $2 Million Dollars with Peoples Trust at 4.8% is assumed. This Mortgage expires December, 2009. The first Mortgage can also be paid out if the Buyer wishes.
The project has had many upgrades including a New Roof in 1995 ($45,000). Good size unit with functional floor plans. New roof in 1995; New Boilers (1 in 2004 - $30,000); Energy Efficient
Tek-Mar System; Fire Code Upgrades for Current Compliancy in 2004 ($35,000); 2 Compliant Bachelor Units added in 2001; and various suites have had the interiors upgraded as they became vacant. This would include new flooring, appliances, counter tops, cabinet refurbishing; light fixtures & hardware, paint, etc. Most suites feature parquet floors or newer laminate with a mix of wall to wall carpet, lino & tile. The suites have good functional floor plans.
At present the Utilities are on a single meter which the Owner pays (reflected in the proforma) however individual Utility metering in progress and should be complete in 2007 which will substantially lower the expenses.
There are many long term Tenants. The rents are low & varied with room for increase. The Bachelors vary from $580-$675; the One Bedroom units range from $575-750 and the Two Bedroom units range from $745-950. There is no charge for parking or Storage. The Four Sets of Coin Laundry Machines are Leased. There is a set on each level.
There are many possibilities for this project. It can be kept as a Residential Rental Project; the addition of another large suite or commercial space if re-zoned; it would make an excellent condo project as with the high prices of Real Estate today, many people cannot afford larger units & the Bachelor Units would make lovely 'loft' units at an affordable price; it would be an ideal Senior's facility either as a condo or for extended care or a retirement home (elevator-spacious social lobby & the office/storage/workshop could provide additional amenities); or converted to an apartment hotel.
Additional information and a proforma are available upon request. Do not go direct or Disturb Tenants. All appointments to be booked & confirmed - Tenant's rights. Please call Val Toffoli 780-707-9395 or email: firstname.lastname@example.org