Condo Townhouse in St. Catharines! Assigned

Condo Townhouse in St. Catharines!
Fix & Flip or Rental Opportunity

$75K BELOW Market Value 

Weiden Street

This condo townhouse consists of 3 bedrooms and 2 bathrooms. The basement is fully finished with approximately 8ft ceiling height. All the carpet was removed upstairs and on the stairs. The kitchen has been taken apart and only the kitchen sink is left. the HWT was recently replaced and is a rental. The furnace is owned and purchased in 2022. The A/C is original but a new motor was put in in 2021. The panel is on fuses. The windows were replaced 14 years ago. The maintenance fees is $340 a month and the condo corporation takes care of the roof and the windows. This property is perfect for an investor looking for a summer fix and flip or BRRR project.

About the Neighbourhood 

The subject property is situated in the Grantham neighbourhood of St. Catharines. The subject property is located only 15 minutes from Niagara Falls and just a short drive away from the Queen Elizabeth Way highway. St. Catharines is located about a 45 minute drive East of Hamilton. The subject property is located near countless amenities including, The Home Depot, LCBO, Shoppers Drug Mart, Starbucks, The Beer Store, Sobeys, restaurants and much more. The subject property is located close to downtown and only a 10 minute drive to the St. Catharines General hospital.

Property Details

• Condo Townhouse
• 3 Bedrooms
• 2 Bathroom
• 917 sqft above grade
• 459 sqft below grade
• Property taxes are about $1848
• Maintenance fees $340
• Fuse panel
• Basement ceiling height is 8ft
• HWT rental
• Furnace 2022
• A/C original but motor replaced in 2021
• Built in 1975
• Windows were redone in 2006
• R3 Zoning

Recommended Renovations

• Full cosmetic renovation
• Seller has the option to leave contents behind so we recommend budgeting for junk removal

We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.

• Wholesale Price: $349,999 or Best Offer
• We believe that this property is worth $425,000 as-is on the MLS
• We believe that after a full cosmetic renovation this property should be worth at least $500,000 on the MLS
• Purchase today for $75K BELOW MARKET VALUE

Comparable Analysis

• 6-2 Weiden Street sold for $462,500 in December 2021. This comparable is in the same complex as the subject property and consists of 3 beds 1 bath.  The comparable has a partially finished basement and is outdated throughout. The comparable is not an endunit like the subject property. Therefore, after adjustments, we believe this property would sell for at least $425,000 “as-is” on the MLS.
• 69-2 Weiden Street sold for $525,000 in March 2022. This comparable is in the same complex as the subject property and consists of 3 beds 1 bath. The comparable is similar in size but is not an end unit. The comparable has a fully finished basement and was updated throughout with modest finishes. Therefore, after adjustments, and depending on finishes, we believe the property would sell for at least $500,000 on the MLS.
• 77-2 Weiden Street sold for $520,000 in May 2022. This comparable is in the same complex as the subject property and consists of 3 beds 2 bath. The comparable is similar in size but is not an end unit. The comparable has a partially finished basement but was updated throughout with modest finishes. Therefore, after adjustments, and depending on finishes, we believe the property would sell for at least $500,000 on the MLS.

SLG Capital will manage the construction of this project from start to finish. If you’re looking for an estimate please email info@slgcapital.ca