| 375 King St N, Waterloo, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: October 2nd 2023
*The property is expected to be vacant on closing as the tenant has a firm closing date for a purchase closing on September 28th 2023. In the event that vacant possession cannot be obtained by the seller prior to closing for any reason, then the Buyer shall have the right but not the obligation to complete the transaction and accept the tenants, or cancel this agreement and have all deposits returned without interest or deduction.*
** Realtors bring us a client and add your commission on top of the purchase price**
About the Property
Checkout this condo consisting of 2 bedrooms 1 bath, with a footprint of 940sqft. The property is currently tenanted but expected to be vacant on closing. The condo fees include ALL utilities which include heat, air conditioning, hydro and water. There is also one underground parking space and storage locker included. Currently there is a mold situation that the building management has to repair due to a leak from an above unit. The leak is in the laundry room and it is expected that the drywall needs to be replaced. Listed as the cheapest condo unit in Waterloo, this property is perfect for an investor looking for a quick fix and flip, or student rental at a major discount!
About the Neighbourhood
This property is located in Waterloo, minutes from two major universities. Located just north of Columbia St E, this property is in constant demand for rent, as students are constantly looking for housing in the area. Waterloo is located just off of Highway 8 which connects Waterloo to the 401, and Downtown Kitchener. With two major universities (University of Waterloo and Wilfrid Laurier University) vacant units rarely sit on the market. With fantastic transportation available as well, specifically GO Bus routes that connect Waterloo to the GTA, this property is located perfectly for an end user or investor looking for an easy rental unit.
Property Details
- Condo unit
- 2 bedrooms
- 1 bathroom
- 940 sqft
- Large balcony
- Built in 1982
- Condo fees $894
- Includes water, hydro, heating, general common area maintenance
- Appliances are included
- Fuse panel
- Heating is Forced Air
- Cooling is Central Air
- Single parking spot (underground)
- Property taxes are $1743
Recommended Renovations
- Minor cosmetic renovation
- Fix the issue with the condo board with the leak in the utility room
- may need to replace drywall
- The seller has the option to leave junk behind so we would recommend budgeting for junk removal
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| The Numbers
We are selling our assignable purchase contract for this excellent FIX and FLIP opportunity.
- Wholesale Price: $264,999
- We believe that this property is worth $315,000 as-is on the MLS
- We believe that after a full cosmetic renovation this property should be worth at least $375,000 on the MLS.
- Purchase today for $60K BELOW MARKET VALUE
Comparable Analysis |
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- 1008-375 King St N sold for $340,000 in April 2023, after 21 days on the market. This property is located in the same building as the subject property, and consists of 2 beds 1 bath 1 parking spot and is approximately 950sqft. The comparable is dated but is very well maintained. However it could benefit from a cosmetic upgrade, specifically in the Kitchen, bathroom, and flooring in the bedrooms. The comparable is situated on the 10th floor, which is more superior than the subject property which is located on the 2nd floor. After adjustments, we believe the subject property would sell for a price around $315,000 on the MLS in AS IS condition.
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- 908 – 375 King St N sold in July 2023 for $390,000, after 17 days on the market. This 2 bed 1 bathroom 1 car underground parking unit has been decently renovated with mid tier finishes throughout. The comparable is approximately 900sqft as per the listing, very similar to the subject property. The comparable is located on the 9th floor, making it more superior than the subject property which is located on the 2nd floor. We believe after the floor adjustment, factoring in a decent cosmetic renovation to the subject property, it would sell for a price around $375,000 on the MLS.
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| Need Financing? |
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| Looking for a construction cost estimate?
SLG Renovations will manage the construction of this project from start to finish. If you’re looking for an estimate please email info@slgrenovations.ca
View our past projects here |
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| If You’re Interested….
Email us at info@slgpropertydeals.ca or call Jocelyn at 647-930-0291. Jocelyn can answer any questions you have and set up a time to view the property.
Please Do Not Go Directly to the Property
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