Gaston Gardens Apartment Portfolio

The subject properties are located in the southeasterly area of Dartmouth known as Southdale, only minutes from the Circumferential highway. The surrounding area is mostly residential in nature with a mix of single and two-family residences as well as medium-density apartment buildings. This area of Dartmouth is rapidly transitioning with a newly proposed large scale mixed use development near the Woodside Industrial Park and recent developments along Baker Drive. All buildings are located near highly accessible Metro Transit services along Gaston Road, including a sheltered bus stop located directly in front of 56 Gaston Rd. The properties are in close proximity to many amenities including Sobeys, gas stations, quick service retail, restaurants as well as Penhoren Mall, Evergreen Plaza and the Woodlawn Mall. This convenient location provides access to downtown, Micmac Mall or Dartmouth Crossing very quicky.This is your chance to purchase an existing, income producing apartment portfolio with the potential to develop approximately 127 units in the future. The basic structure of all the buildings is wood frame with vinyl siding. The interiors generally consist of laminate, carpet and tile. All buildings are heated by gas furnaces and tenants pay for their own electricity. The properties are in fair-good condition overall and a representative selection of units will be made available for viewing purposes. Under the new Centre Plan B, all three properties have been rezoned to High Order Residential [HR-1]. We believe a new owner has the opportunity to develop this property over time with a phased approach. 60/60A Gaston Road can support an additional +/- 28 units [18,944 bsf] while retaining the existing 32 Unit structures. 56 Gaston Road can support 99 units [82,667 bsf] under the new zoning, however the existing 22 units would have to be removed entirely or in stages depending on strategy. 62 Gaston easily provides a new owner with the ability to create basement dwellings. In total we believe the site could support 129 newly created units while retaining 34 existing units for a total of 163 multi-residential suites in the future. The breakdown of existing units is as follows: 56 Gaston Road - 22 units 60/60A Gaston Road - 32 units 62 Gaston Road - 2 units The types of exiting units are as follows: 56 Gaston Road 2 - bachelors and 20 - 1 bedrooms 60/60A Gaston Road 9 - 1 bedrooms, 16 - 2 bedrooms, 7-3 bedrooms 62 Gaston Road - 2 - 4 bedroom semi's including recreation rooms / 2 full baths The Vendor is willing to supply a second mortgage to assist with the sale should qualified proponents wish to explore this offering.