There are so many options for what you can build here. Toronto allows 4-plexes on lots like this, you could tear down & create a dream home very profitably at this price, or simply top up the existing solid structure. You get a 54’ x 193’ lot on a quiet street that’s close to the lake, waterfront trails, and parks. Don’t miss out on this rare opportunity to create something special. What will you choose to do with this amazing lot?
How can you profit?
1) Tear Down & Custom-Build a Home: Buy for $599k, build, then sell for over $2+ Million. Want to see comparable houses on smaller lots that sold for over $2 Million? Please request an info package.
2) Top-up Addition: Build a 2nd storey addition on top of existing house and on top of the oversized double car garage. Sell for $1.4M+++. The foundation and exterior brick look solid and in very good condition compared to the inside of the house. This house appears to have been built buy someone in love with Masonry and it looks SOLID. Concrete front porch, concrete back porch, the garage looks sturdy as a bunker, the foundation looks solid, the red bricks still look beautiful. Can you save a bundle by keeping much of this house?
3) Build a 4-plex: Thanks to Toronto’s new bylaws you can build a 4-plex on many lots and this one has the space to do it well. Enjoy the cash-flow from 4 gorgeous new rentals.
SUMMARY:
– LOCATION: Scarborough, ON (Morningside Ave & Coronation Dr)
– PURCHASE PRICE: $599,900 Or Best Offer – Make an offer quickly please because it won’t last many days.
– CUSTOM HOME VALUE: $2 Million+++ (3000+ sqft home)
– AFTER ADDITION VALUE: $1,400,000+++ (Make it a 4-bedroom home.)
– CLOSING: June 17, 2024 (This is an assignment sale.) We can fund the purchase if you’d like fast financing at 75-80% LTV.
– TYPE: Single Family 1.5 Storey
– BEDS/BATHS: 2 Beds/1 Bath
– PARKING: 2 car garage is over-sized and you can fit a lot more than two cars. Long double driveway can fit 6 more cars.
– BASEMENT: Unfinished
– SQFT: 800
– LOT: 54’ x 193’ – This is a BIG lot for Toronto! It’s ready for a big new home.
– AGE: 1953
– PROPERTY TAX: Approx $3358/year
– POSSESSION: Vacant
RENOVATIONS NEEDED:
– You are buying it as-is where is.
– You can tear it down or salvage the structure. The garage, foundation, and masonry work look solid and superior.
– The house has had holes in the roof for a long time, is very run down and has been abandoned. Significant wood rot around the roof.
– The backyard is overgrown.
– Please view the pictures and videos for ideas on what you’d like to do.
GOOD NEWS:
– The wide and deep lot.
– Quiet neighbourhood close to the lake, parks and waterfront trail. Grey Abbey Park and Guild Park are nearby.
– The structure of the house and garage looks SOLID. Could be fantastic for a profitable addition and re-sale!
– The cheap price for such a big lot. Where else can you buy land this cheap in Toronto?
Please reply to this email to request an info package. (Comparable sales, MPAC info, and more…)
Thank you,
Josea Paul, Aaron Moore & Tomomi Wang
647-557-5979
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors