Hi All,What is your estimated market value of property B (Ontario):Property A: Legal non-conforming 6-Plex. market value = $500,000.
Property B: 6-Plex with 3 legal non-conforming apartments and 3 illegal apartments.
PLEASE ASSUME: both properties A and B are in exactly the same condition, same area, all 2 bedrooms, same rents etc. and the 3 illegal apartments were built long time ago (say 20 years).
In other words, by how much does each apartment reduce the value of the property just by being illegal? $10,000? 25,000? 50,000?
Thanks & Regards,
Neil
Property B: 6-Plex with 3 legal non-conforming apartments and 3 illegal apartments.
PLEASE ASSUME: both properties A and B are in exactly the same condition, same area, all 2 bedrooms, same rents etc. and the 3 illegal apartments were built long time ago (say 20 years).
In other words, by how much does each apartment reduce the value of the property just by being illegal? $10,000? 25,000? 50,000?
Thanks & Regards,
Neil