56 South Forster Park Drive

Overview

Colliers is pleased to offer for sale a 100% freehold interest in 56 South Forster Park Drive, a freestanding 15-unit low-rise apartment building located within a 5-minute drive from downtown Oakville. All units are two-bedroom suites. The property benefits from stabilized income, owned laundry facilities, and additional parking revenue.

The property has a projected Year 1 Net Operating Income of $170,877 and is ideal for investors seeking significant upside potential in one of the GTA's most desirable submarkets. Significant upside potential exists through rent adjustments on tenant turnover, making this an excellent option in a supply-constrained market. Beyond the strong underlying fundamentals, the property is well-kept and provides a welcoming atmosphere to tenants. Suites have been renovated upon vacation, and common areas feature mid-century design details, creating a warm environment that residents are proud to call home. Six of 15 units have been fully renovated since 2016. Capital improvements include a new boiler system (2015), new roof system (2015), parking lot repaved (2017), watermain replacement (2018), new entry doors and intercom system (2019), common area refurbishment (2019), laundry room renovation (2023), and water-efficient toilets (2024).

Investment Highlights

• All 15 units are two-bedroom suites in a desirable Oakville location
• 5-minute drive to downtown Oakville with excellent transit access
• All hydro separately metered and paid directly by tenants
• Owned laundry machines provide additional income
• Projected Year 1 NOI of $170,877 with further income growth potential
• 6 of 15 units fully renovated since 2016
• Significant capital improvements completed (roof, boiler, entry, watermain)