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ABC Construction and Leasing Company is interested in investing in the residential real estate market due to a relatively low interest rate environment. The Company appointed you to be in charge of the project feasibility study. You have just visited a 35-year old, well-managed residential apartment building in a Toronto downtown area which is for sale. The apartment is fully occupied with 400 tenants, and the current average renter pays $2,000 per month. However you are not sure whether this investment will provide you with adequate returns for the risk you are taking. Please perform analysis using everything you learned from Corporate Finance 2.
If you acquire the building, you consider the alteration of each suite’s layout to provide more generous living space and a better balance of living and bedroom accommodation. If you renovate the place, a monthly average rental income of $2,500 per month is expected. The estimated renovation cost is $10,000,000. If you renovate the place, you expect to fully occupy the building with the lease term of 5 years. You need to do some analysis whether it makes economic sense to spend additional