| Barton St, Stoney Creek, Ontario
Offer Date: October 31st, 2022
Closing Date: November 30th, 2022
About the Property
Check out this 1 1/2 storey detached brick house in Stoney Creek! This property consists of 4 bedrooms, 1 bathroom and is a total of 984 sqft. The house is currently zoned commercial (M3) however we have inquired with the city and an application would need to be done to convert the property to residential if the new owner desired to. The property is dated throughout however has been very well maintained throughout the years! Since it only needs a cosmetic renovation, this property would be perfect for a beginner or experienced investor looking to get their hands on a cheap property in Stoney Creek!
About the Neighbourhood
The subject property is located in the Industrial area of Stoney Creek in Hamilton Ontario. The property is situated beside multiple residential properties and that are also zoned commercial. The property is situated right in the heart of Stoney Creek, with any amenity imaginable only a 5 minute walk away! Restaurants, Bars, Health centres, Shopping Centres and more! Stoney Creek is located just north of the QEW highway, connecting Hamilton to Toronto, or East to Niagara! Not to mention, this property is located steps from Mohawk College – Stoney Creek campus, making this an excellent opportunity for a STUDENT RENTAL!
Property Details
- Detached 1 1/2 storey
- 3 bedrooms as per MPAC (currently operating as 4 bedroom as one was added on main floor)
- 1 bathroom
- 984 sqft first floor (MPAC does not have record of second floor area)
- 388 sqft basement
- basement ceiling height 5.5 ft
- Basement has been completely waterproofed and new concrete has been poured over the stone foundation
- Property taxes are about $3400
- New AC unit purchased in 2017
- Forced air heating, Furnace replaced in 2017
- Roof was redone 3 years ago
- Windows are very dated, need to be changed
- There are 2 HWT’s, both are rentals
- Fuse Panel, Copper wiring
- Built in 1935
- 50 ft x 219 ft
Recommended Renovations
- Full Cosmetic Renovation
- Update the electrical panel to Breakers
- Replace the windows
- Seller has the option to leave contents behind so we 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: $424,999 or Best Offer
- We believe that this property is worth $495,000 as-is on the MLS
- We believe that after a full renovation this property should be worth at least $665,000 at minimum on the MLS
- Purchase today for $70K BELOW MARKET VALUE!!
Comparable Analysis |
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- 321 Dewitt Road sold for $500,000 in June 2022. This property is around the corner from the subject property and zoned M3. It has exterior siding, and sits on a 60 x 127.51 ft lot. The comparable property also has a detached garage. The property is completely dated and would need a full cosmetic renovation. As per the listing, the property was fully tenanted to students, thus sold with tenants (hurting the sale price) After adjustments, considering ours has a deeper lot, gas furnace rather than oil furnace, and is completely vacant, we believe the subject property is worth 495K as is on the MLS.
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- 322 Dewitt Road sold for $678,000 in February 2021. This property was purchased months prior to Feb 2021, and was completely dated and unrenovated. The link to the previous sale can be seen here. As you can see the new owner did a full renovation and completed the garage. The property is about 988 sqft, similar to the subject property, however it does not have a second floor. As noted above, it is also M3 zoning meaning the property is situated in a commercial area. The comparable property does have a basement that was fully finished as well, adding to the total sqft area. We believe after a full cosmetic renovation, this property should sell for a price around 665K.
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| Need Financing? |
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| Looking for a construction cost estimate?
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 |
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| If You’re Interested….
Email us at info@slgpropertydeals.ca or call Sal at 647-492-6380. Sal 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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| Disclaimer: The contents of this email are for informational purposes only. We are not home inspectors or appraisers. Please ensure you do your own due diligence. |
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