Description

THE OPPORTUNITY:
1905 2nd Street NE is a four-unit property located in the heart of Eckington, with three two-bedroom/one-bathroom units and one one-bedroom + den unit. The Property has been fully renovated
with high end finishes as of this month, and will convey vacant for ease of transaction. This beautifully renovated building in the burgeoning area of Eckington is a fantastic opportunity for both live-in occupants and local investors, alike.

TURNKEY ASSET:
1905 2nd Street NE will deliver completely renovated with high- end finishes, including: Frigidaire Appliances, Arabesque Quartz Countertops, Italian Porcelain Bathroom Tiles, and Recessed Lighting throughout. New HVAC systems (central heat and air conditioning), and in-unit washer dryers are also big attractors for new residents. New ownership will have the benefit of minimal capital expenditures moving forward, as a result of these recent improvements.

TOPA-EXEMPT:
Since the 1905 2nd Street NE will convey vacant, a new buyer would be able to quickly close the transaction without the encumbrance of extended closing timelines associated with the Tenant Opportunity to Purchase Act (TOPA). New ownership will also be able to tenant the property as they see fit, further adding to the ease of ownership moving forward.

RENT CONTROL EXEMPT:
Being under five units, the asset is not subject to restrictive Rent Control laws and the inefficiencies associated with ensuring compliance. As rents continue to rise, ownership will have the ability to match future rents with the market.

BUILD EQUITY AT A DISCOUNT:
With the number of loan products out there for first time buyers, new ownership will have the ability to build equity at a discount compared to local rents. Occupy a two-bedroom unit while renting out the other three units and pay significantly less in monthly mortgage than market rent for this unit type.