Gowan Street | 06 Unit Conversion
Barrie
Property Type: Existing 6-Unit Multifamily Building
Unit Mix: 5 Two-Bedroom Units + 1 One-Bedroom Unit
Total Floor Area: ~8,632 sq. ft.
Project Overview:
Located just minutes from Barrie’s vibrant downtown and serene waterfront, this 6-unit multifamily building is undergoing a strategic improvement plan—starting with critical structural remediation and positioning the asset for future cosmetic and layout upgrades.
The property includes 5 spacious two-bedroom units and 1 one-bedroom unit, offering strong rental potential across a diverse tenant base. With dedicated parking, shared coin laundry, and proximity to the beach, the property is already income-generating—but there’s more to come.
Scope & Strategy (Phase 1):
Installed new helical piles to stabilize the building foundation and address long-term sinking issues identified in the basement.
Completed a cosmetic uplift in common areas and select units to enhance rentability during stabilization.
Finalized assessment and engineering strategy to ensure structural longevity before advancing to future phases.
Planned Phase 2 (Pending Budget Review):
Evaluate reconfiguration of unit layouts to improve space efficiency and rental yield.
Upgrade kitchens, bathrooms, and finishes across all units to target higher market rents.
Assess parking, landscaping, and utility upgrades to improve curb appeal and tenant satisfaction.
Challenges Solved:
Addressed foundation sinking with deep soil remediation and engineered helical piling.
Balanced tenant occupancy with active construction and cost planning.
Created a phased roadmap that preserves cash flow while unlocking long-term upside.
Investor Benefits:
Secure lakeside asset in a high-growth area with structural risks mitigated early.
Long-term value-add potential through re-layout and interior upgrades.
Excellent location offering walkability, transit, and waterfront lifestyle—all major tenant drivers.
Current Status:
Structural work in progress. Unit reconfiguration on hold pending finalized construction budget for basement foundation repairs.