Delton Manor is an Exceptionally Well Kept & Upgraded 15 Suite Apartment Building with an excellent Mix of 2 One Bedroom Units & 13 Two Bedroom Units. There are 15 Energized Stalls which Tenants pay power for plus 2 Extra Stalls.
This project has had extensive on-going upgrading for several years. The Tenancy have been qualified & are desirable Tenants.
This project meets Current Fire Code Regulations. It has lovely above grade Balconies; Newer Siding with a Brick Accent Exterior; and a Tar & Gravel Roof. It is a 2 ½ storey wood frame structure, has Hot Water Heating (Natural Gas Fuel); and a New Hot Water Tank. The upgrades have been ongoing for several years, as required. Most suites have been upgraded within the last 1-4 years as Tenants move. There have also been upgrades to plumbing, the parking lot, common areas, etc. This is a very well maintained project.
It is only 2 Miles to Jasper Avenue, 2 ½ blocks to the Yellowhead Freeway; on Public Transportation Routes & Near all Amenities.
Income based on current rent roll. Increased Rents will be effective June 01 & will reflect a higher return. Current Rent Roll for the 2 One Bdrm Units is $600 & $645; 13 Two Bdrm Units range from $650-$660. Seller is considering giving out notices on the Two Bedroom units to $720 which is average rental market rate in Edmonton.
The Mortgage at 5.48% until April 2008 must be assumed with Qualification Lender may increase the Mortgage at a Blended Rate to a Qualified Buyer.
The Out of Area Owner self manages this project (taking 5% of total gross income for Management)
This would be an excellent candidatet for a condo conversion once the Mortgage Expires. This project shows well & the New Buyer will not be disapointed in the quality of this project.