“Hofmann Manor” is a three storey, walk-up with a fourth floor penthouse, located in the heart of the West End, west of Thurlow and north of Davie, close to all amenities.
It is wood construction with newly painted stucco exterior, has a torch on roof and new double glazed windows.
There is a nice, bright and secured underground parking for 10 vehicles as well as 2 open spaces.
This building has been family owned and run since it was built by the grandparents in 1954. It sits on a nicely landscaped lot and has a nice new rock walkway leading up to the covered entrance. There are large, bright glass doors that open into the lobby which is carpeted and has an intercom system and mailboxes for the tenants.
There are 20 storage units, as well as a manager’s workshop.
The secured laundry room is large and has two washers and two dryers which are leased, as well as a bike storage area. The building has hot water baseboard heat with one thermostat for the building. There is also a Saturn series boiler that was replaced in 1995 and a Sandblaster hot water tank. Some of the piping has been redone with shut off valves to each unit. There are three classifications of the one bedroom units, small, medium and large. All units are newly renovated (except the penthouse) with new cabinets, appliances, countertops and backsplashes. They have the original hardwood floors throughout which the owners have kept in good condition. All suites have hardwired smoke and heat detectors. Bathrooms have nice vintage mosaic tile flooring, medicine cabinets, pedestal or island sinks, and ¾ ceramic tile tub surrounds. Many of the units have fibreglass inserts in the tubs. The penthouse has a nice large rooftop deck.
Suite Mix 4 Bachelor
18 – 1 Bedroom
1-2 Bedroom Penthouse
Lot Size 66′ x 131′
Zoning RM-5B Multiple Family
Assessment Year 2013
Land Assessment $2,399,000
Building Assessment $1,941,000
Total Assessment $4,340,000
Sold Price $5,890,000
Cap Rate 3.87%