Who’s looking for a profitable property?
2 connected duplexes on a corner lot make this 4-unit property a unique find. It has two double driveways and two addresses on two different streets. Near popular “Bridge 13” and the Welland Canal, it is fully tenanted with three of the four units month-to-month and additional income from coin operated laundry. Potential for 5th unit to be added in unfinished basement. Only 90 minutes from Toronto and in the heart of Niagara, Welland is home to Niagara College and close to Brock University.
How can you profit?
1) Buy & Hold: Keep as cashflowing rental! Update units slowly as they become vacant.
2) Add 5th unit to basement to maximize income and increase property value.
SUMMARY:
– LOCATION: Welland (Niagara Region)
– PURCHASE PRICE: $694,900 Or Best Offer – Price Reduced
– FUTURE VALUE: There’s room to renovate and increase rents.
– CLOSING: July 30, 2021 (This is an assignment sale.)
– TYPE: 2 Storey Fourplex (Zoned R2L)
– BEDS/BATHS: 8 Beds/4 Baths (Four 2-Bedroom Units, Fully Rented)
– PARKING: 4 spaces
– BASEMENT: Full, Unfinished. Potential for 5th Unit.
– SQFT: 2696 sq ft
– LOT: 59′ x 88′
– AGE: 1910
– RENTAL INCOME: $4105/month + $100/month from coin operated laundry.
– PROPERTY TAX: $3232.37
– LEASES: 3 units month-to-month, 1 unit on lease until November. Utilities included in rents.
– VACANT POSSESSION WILL NOT BE GIVEN
RENOVATIONS NEEDED:
– Outdated interior, needs maintenance. Renovate as units become vacant.
– Exterior window trim needs attention (painting/staining).
– Replace exterior stairs and landings.
– Resurface driveway.
– Increase electrical from 100 amp service.
– Add A/C if you like.
– Some junk and furniture removal.
– Please view the pictures and videos for ideas on what you’d like to renovate.
– Home inspection report already available
GOOD NEWS:
– Two connecting duplexes make up this fourplex
– Two double driveways
– Two addresses on two different streets
– Potential for 5th unit in basement
– Newer roof (asphalt shingle)
– High efficiency furnace installed 2010
– Four separate entrances
– Added income from coin laundry ($1200/yr)
– MPAC describes it as “Residential property with four self-contained units.”
Please let us know if you want to view it or if you want us to email you the info package. (Inspection Report, Videos, Comparable sales, MPAC info, and more…)
Thank you,
Aaron Moore, Tomomi Wang & Josea Paul
647-557-5979
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors
PS. Get notified of only the deals you are interested in by telling us your areas of interest. We notify you by email based on the geography you want. PUSH HERE to get the deals you want: https://www.housedealsgta.ca/preferred-buyers/
Need Fast Financing?
Calvert Home Mortgage has the ability to finance most of the wholesale price, INCLUDING the assignment fee. Also, they can fund in 24 hours.
Calvert has options for buying with as low as $20k down, with rates starting at 7.99% and a 2% lender’s fee for 25% down.
No additional broker fees! No appraisal fee! No lender legal fee! Fully open!
DISCOUNT:
Get $500 off the lender’s fee from Calvert Mortgages if you let them know that you heard about them through House Deals GTA