City of Stratford
The City of Stratford is ideally located within Ontario’s large information technology cluster and North America’s largest automotive cluster. It is home to the Stratford Festival, the University of Waterloo Stratford school of Interaction Design and Business and a wide range of global industries.
Stratford attracts over 1 million visitors annually. The largest U.S. market is Detroit and the surrounding area. Faithful visitors also come from Chicago, New York and all the border states. It is estimated that 27% to 30% of visitors are from the U.S. The world-famous Stratford Festival is one of Canada’s leading tourist attractions generating $140 million in economic activity.
Repeatedly ranked as among World’s Top Smart Cities by the Intelligent Community Forum, and home to the University of Waterloo Stratford School of Interaction Design and Business, Stratford presents competitive advantages in the Broadband Economy through entrepreneurialship, technology, collaboration, innovation and leadership.
High Quality of Life
The City offers a diverse restaurant scene and has become known as a real “foodie” town. Shopping is also on the top of the list of reasons why people love to visit. Stratford offers state-of-the-art medical and recreation facilities, an abundance of natural surroundings, walkable parks and quality schools. It is ranked in the Top 15 Best Places to Live in Canada and 4th Best Place to Retire in Canada by MoneySense Magazine (2016).
Significant Capital Work Completed
In 2013, the current owner completed a major $1.5 million renovation which included major structural improvements, replacing/updating all mechanical, electrical and fire systems. The second and third floors were totally rebuilt from the studs.
Stratford offers easy central access to several of the world’s fastest growing markets including the Toronto-Waterloo Region Innovation Corridor. With connected access routes to Highway 401, the City is less than a three-hour drive from over 6-million customers and five major border crossings to the United States.
Value Add Opportunity
All of the units are vacant which will allow the new owner to establish current market rents. This building is considered one of the top-tier commercial buildings, arguably the number one rated commercial building in the city due the substantial renovations completed by Feltz Design, Build Ltd., a superior full-service firm that has earned an impeccable reputation in the commercial design and construction industry.
95 Ontario Street is a rare multi-use totally renovated building located in the retail hub of the city. The building offers a total of 4,614 SQFT above grade space. It is configured as a 3-level building with main floor commercial space and two one-bedroom luxury fully furnished apartments located on the 2nd and 3rd floor. The main floor is approximately 1850 SQFT. The 2nd floor apartment offers 1373 SQFT of living space and the third floor is slightly larger at 1391 SQFT.
The units are connected by a stair well and passenger elevator connecting the basement level and all three above grade floors. There is a back entrance to the units from a private hallway. The commercial unit includes a retail front entrance and separate back entrance to the commercial unit.
The basement includes separate locked storage space for all three-units, a small office area and a large equipment room and separate mechanical room for the elevator.
Zoning: Central Commercial (C-3)
Year Built: 1946
Year Renovated: 2013
Property Type: Freehold Commercial
Lot Dimensions: 18.65 ft. frontage and 132 ft. depth
Legal Description: PT LT 48 PL 20 STRATFORD AS IN R260601; STRATFORD
Year of Renovation: 2013
Parking: Street parking and public parking lot in the rear
Building Size: Total exterior area above grade is 5,452 sq. ft.
The retail unit offers 1850 SQFT of useable space with a retail entrance, rear entrance and separate back entrance from suite corridor and elevator. There is a handicapped-barrier free public washroom and separate private washroom for staff. The flooring is oversized ceramic tile in retail section and standard tile in the separate kitchen/preparation area.
There is plenty of decorative pen-lighting and pot-lighting throughout the various sections of the unit. In addition, the floor-to-ceiling glass at front of the unit offers plenty of natural lighting and views of Ontario Street.
The previous tenant operated a Kiwi Craze yoghurt shop which required additional plumbing, and electrical services. There is a large commercial owned hot water heater and additional washing sinks and eye wash station in the back prep area.
The building includes security cameras and security alarm system throughout the building in public hallways, all entrances and all of the retail space including back work area.
The luxury suites are mirror-images located on the 2nd and 3rd floors. Minor differences are in window design facing Ontario Street, the ceiling heights are 12.6 FT on 2nd floor and 11.6 FT on 3rd floor. Bedroom area sloped ceiling in both suites is approximately 9 FT.
There is an emergency fire exit door with staircase to the ground level from the 3rd floor. The suites are tastefully furnished and decorated.
The open-concept designed kitchens are fully equipped with stainless-steel appliances including a side-by-side fridge/freezer, electric range and built-in dishwasher. Both suites have large barrier-free 4-piece washrooms and a utility/laundry room with a full-size washer and dryer and laundry sink. Each unit is separately heated and air conditioned. The heating/air conditioning units are located in the utility room.
The basement has been substantially renovated. There are three separate storage rooms which can be allocated to each unit. A private office space and a separate equipment room is located in basement. The elevator services the basement level. There is a separate elevator equipment room adjacent to the storage spaces.
The retail unit has an oversized commercial hot water tank and the suites are equipped with their own hot water tank.
The building is serviced by a 4 Amp, 24,000 watt 3-phase system. Each unit is separately metered and equipped with its own electrical breaker panel.
The entire building is protected by a monitored fire alarm system linked to the annunciator panel adjacent to the front door of the commercial space. Portions of the second floor (bedroom windows) are sprinkled due to their proximity to the third-floor fire escape stairs. There are also sprinklers in the storage lockers in the basement.
The building has been upgraded and has annual certification and fire safety inspections. Hallway corridors and exits are equipped with manual pull stations and 6-inch alarm bells located throughout the building. Smoke detectors are located throughout the building. Fire safety systems include fire alarms with manual pull stations, sound devices (alarm bells), and smoke detectors in common areas, as well as smoke alarms in each of the units.
The upper roof is a 2-part, torch down modified bitumen roof system as is the lower roof. The renovation added R-28 in additional batt insulation in the exposed roof framing.
Conservative Annual Projected Revenue
|Retail/Commercial Unit||$20.00 p.s.f.||$44,320|
|2-Suites/Apartments||$300.00 per night for 240 nights(30% occupancy)||$66,000|
|Effective Gross Income Projection||$110,320|
|Adjusted Expenses (less T.M.I.)||$16,893.00|
|Net Operating Income||$93,427.00|
*Utility charges paid by Owner while units are vacant. Leased units will pay their own utilities.
Services are separately metered.
|Less TMI – $5.20 x 2216 sf.||-$11,547.00|
Net Operating Income
Retail Unit: There were three comparable buildings that leased in 2020:
10 Downie Street Lease Rate: $24.00 psf
98 Downie Street 333 sf Lease Rate: $32.43 psf ($900.00 per month)
15 York Street 624 sf. Lease Rate: $28.85 psf ($1500.00 per month)
VRBO Rates: Rental rates in 2018 and 2019 $254.05 to $409.81 per night
Annual Lease: $2,500.00 per month
The information in the Confidential Information Memorandum (CIM) herein is intended solely for use by interested parties who have executed and delivered to Chestnut Park a Confidentiality Agreement in the form prescribed by the brokerage and the due diligence materials and its contents in the strictest confidence. Prospective Purchasers will not, directly or indirectly, disclose or communicate or permit anyone else to disclose or communicate this information to any person, firm or entity without the prior written consent of the Seller and Chestnut Park.
Prospective Buyers will not use or permit this information to be used in any manner detrimental to the interests of the Seller, Chestnut Park for any purpose other than a proposed Purchase of the Property.
|Address:||95 Ontario Street|
|Zip Code:||N5A 3H1|
|MLS:||TRREB: X5144110 KWAR: 40069584|
|Square Feet:||Retail: 1850 SQFT | Residential: 1375 SQFT x2|
|Lot Square Feet:||18.65 FT x 123 FT|
|Bathrooms:||Retail: 2 | Residential: 1 x2|
|Property Type:||Commercial: Retail & Residential|