How much money can you make from this one property?
It’s a 4-plex on a huge lot with a piece of land that can be severed and sold separately (approximate 70ft x 90ft green space at the front, boasting breathtaking bay views). The piece of land alone may sell for around $300k since it’s on a main street. Or do you want to build on the extra land? Don’t let this incredible fourplex and land opportunity slip away. It’s in one of Ontario’s most coveted lake locations.
This property is on the tiny Erieau peninsula in a charming little beach town…surrounded by water on all sides. Walk the whole peninsula during your morning or evening stroll! Enjoy both Lake Erie and beautiful Rondeau Bay.
How can you profit?
1) SHORT TERM RENTALS. Rent each unit for $1200-$1500/week in the summer ($4800-$6000/month)! Weekly rentals are common on the peninsula (bay and lake) and more profitable than long term leases. Your guests can enjoy the backyard pool when they need a break from the beach!
2) LONG TERM RENTALS. It’s also a great community to live all year long. Retirees and outdoorsy people will love it. Can you own this rental for No-Money-In after you sever the land and refinance?
3) SEVER THE LOT and sell off the vacant piece in the $250k-$300k range. Land survey already done and application submitted to municipality. The owner has already had offers to buy the land for $250k+ if they sever it. The severing can be a BIG BONUS for smart investors.
4) Can you also RENT TRAILER SPOTS on the lot for extra income like some neighbours do?
SUMMARY:
– LOCATION: Erieau-Blenheim, ON (Chatham area on the Erieau peninsula)
– NEW REDUCED PURCHASE PRICE: $549,900 Or Best Offer. First Come, First Served. Bring Us Your Offer!
– CURRENT MARKET VALUE: Around $700k. (Recent sale at this price fell through due to buyer’s financing.) Make money on the buy! BIG discount off market value.
– AFTER REPAIR VALUE: Around $900k. ($650k for 4-plex + $250k+ for vacant land)
– CLOSING: August 26, 2024 with a bit of flexibility (This is an assignment sale.)
– TYPE: Fourplex (per MPAC) 8 Beds/4.5 Baths
- Unit 1: 3 Bed/1.5 Bath (2 Storeys) – currently gutted and needs full reno
- Unit 2: 3 Bed/1 Bath (2 Storeys)
- Unit 3: 2 Beds/1 Bath (1 Storey)
- Unit 4: 2 Beds/1 Bath (1 Storey)
– PARKING: 5-6 cars
– BASEMENT: Crawl space
– SQFT: 4202
– LOT: 88’ x 221’
– AGE: 1910
– ZONING: R3 (zoned for apartment buildings, townhouses, 4plexes)
– WELL/2 SEPTICS
– PROPERTY TAX: $5,903 (2024)
– POSSESSION: Vacant
RENOVATIONS NEEDED:
– Gutted unit needs fire separation to bring it up to standards; only plumbing and electrical are done. The other 3 units are already renovated with new floors, tiles, deck on back, and new bathrooms. One unit has a powder room that needs finishing.
– Some junk and furniture removal.
– Please view the pictures for ideas on what you’d like to renovate.
GOOD NEWS:
– 3 of the 4 units are rent-ready.
– Huge money making potential with lots of profitable strategies! (STR, long term leases, trailer spot rentals, lot severance, etc.)
– Great location on the main “boardwalk”. Walk to beach and pool in backyard!
Please let us know if you want to view it or if you want the info package. (Comparable solds, MPAC info, and more…)
Thank you,
Aaron Moore, Tomomi Wang & Josea Paul
647-557-5979
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors
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