Alliston Assigned

By August 23, 2020
Realtors bring your clients, just add your commission to the purchase price!

Purchase this Property Today for MPAC Value!
$100,000 BELOW Market!
Closing Date: December 1, 2020

Tupper Street East, Alliston, ON

Multifamily detached property on a large lot with amazing upside potential! The subject property is located in the growing town of Alliston, Ontario. As of August 4th, Alliston is now on the Simcoe LINX bus route, connecting residents to the Bradford Go Station. The property is just off of Highway 89 and walking distance to restaurants, grocery stores, banks and many other amenities. The property is registered with the city as a “residential property with five self contained units”. It is currently operating as a 4 unit as one tenant occupies two units but can be converted back to 5 units. This property is suitable for an experienced investor willing to take on a large renovation with the potential for either large upside on a Flip or great Cashflow on a rental. You currently can’t find a detached property listed in Alliston for under $499k, let alone a multi family!

Property Features

• 1 Full Storey, Partial Second Storey
• $410,000 Assessed Value (MPAC)
• 2,426 sqft above grade
• 806 sqft basement
• 10 Bedrooms, 5 Bathrooms
• Lot Size: 66 ft Frontage x 131 ft Depth
• 1 car detached garage
• Boiler and Electric Heating
• No central air conditioning
• Two Hot Water Tanks, one is 15 years old and the other is 1 year old (both owned).
• Garage and a portion of the house will need new roof.
• Breaker panel
• Residential and Commercial Property Taxes – one unit was used as a commercial workshop by previous owner.

Renovations Needed

• Needs a full cosmetic renovation – some flooring is newer and may be kept
• New windows
• Roof repair
• Junk removal – seller may leave some junk/furniture behind
• Exterior updates – new siding, landscaping, etc.

Unit Breakdown

Unit 1 – Bachelor – Living room, Kitchenette, 3pc Bath
Unit 2 – 3 Bedroom – Living room, Dining room, Kitchenette, 4pc Bath
Unit 3 – 5 Bedroom (main floor and second storey) – Living room, Full kitchen, 2 Bath (4pc and 3pc)
Unit 4 – 2 Bedroom – Living room, Den, Full Kitchen, 3pc Bath
Garage – Currently setup as a workshop, and has an attic.

We are selling our assignable purchase contract for this excellent Multifamily FIX & FLIP or Rental opportunity.

• Wholesale Price: $409,900 or Best Offer
• We believe that this property is worth $500,000 – $550,000 as-is on the MLS
• We believe that after a substantial renovation this property should sell for at least $700,000 on the MLS
• Purchase today for $100K BELOW MARKET VALUE

Comparable Analysis

• 40 Albert Street East sold in October 2019 for $482,500. It has 4 units, 6 bedrooms and 4 washrooms. The property is not renovated, exterior is all siding and has no curb appeal. The subject property is on a larger lot, is registered as a 5 unit and has a superior MPAC value by 88k. Factoring in price appreciation from October, we believe the subject property would sell above $500,000 on the MLS.
• 76 Wellington Street East sold in February of 2018 for $659,000. It has 3 units, 5 bedrooms and 3 bathrooms. It is fully renovated with modest finishings. It is brick exterior and has a slightly larger lot. Assessed value is 15k below the subject property. Given that the subject property is currently 4 units with the potential for 5 and the 2.5 years of price appreciation, we believe after an extensive renovation, it would sell above $700,000 on the MLS.