Discover a fantastic investment opportunity with this legal 6-unit multi-residential property in Brantford. Comes with an adjacent lot. With zoning that permits additional dwelling units, you have the potential to expand significantly. You can likely add 2 units with simple permit submissions, and potentially 4 units through a minor variance. This could increase the total number of units to 10.
Also available is a Vendor Take Back (VTB) financing option, of up to $560k.
Built with full brick construction, the property is in excellent condition. All existing units had permits submitted in the 1980s, which means you don’t need to worry about the existing units when submitting for the new ones. Each unit is well-maintained and in great shape.
This property comes with the adjacent lot, giving you the extra room to build more units or just expand the current lot.
How can you profit?
1) Keep renting it out. You make equity the day you buy and you collect rent every month.
2) Updating current tenants to market rent while constructing the new units, maximizing your rental income potential.
DUE DILIGENCE COMPLETED: inspection complete, environmental completed and clean, city is on board and we have an email chain to show conversations with the city.
SUMMARY:
– LOCATION: Brantford, ON (West St & Clarence St)
– PURCHASE PRICE: $889,000 Or Best Offer
– AS-IS VALUE: Around $1,100,000 now and closer to $1.2M after a few low-paying tenants turn over. Plenty of 4-plexes are selling over $1 Million and this is a 6-plex for less.
– AFTER ADDITION OF 4-UNITS: Around $1.8M and it could push $2M as a 10-unit.
– CLOSING: June 14, 2024 with a bit of flexibility (This is an assignment sale.)
– TYPE: 6-Plex
– BEDS/BATHS: 5x 1bed/1bath, 1x 2bed/1bath
– PARKING: Detached 1 car garage. Plus 2 parking spots.
– BASEMENT: Unfinished
– SQFT: 4917
– LOT: 66’ x 132’
– AGE: 1855
– PROPERTY TAX: APPROX $7,048/Year
– POSSESSION: All units are tenanted. No vacant units.
RENOVATIONS NEEDED:
– Maintain it like any rental property. Look at the inspection report and choose what you’d like to do this year, next year, or never.
– Please view the pictures for ideas on what you’d like to renovate in the future.
GOOD NEWS:
– Turnkey 6-plex.
– Increase your property value on tenant turnover and getting market rents.
– Build 2 or 4 more units and increase the property value even more.
– Thanks to the VTB and the due diligence already completed, this is ready for a quick and smooth closing.
Please reply to this email to request an info package. (Inspection Report, Environmental Report, Comparable sales, and more…)
Thank you,
Josea Paul, Aaron Moore & Tomomi Wang
647-557-5979
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors