| Samuelson Street, Cambridge, Ontario
Offer Date: FIRST COME FIRST SERVE
Closing Date: July 17th, 2024
*As per APS buyer will assume the existing leases with the following terms: Upper unit at $845 per month including utilities, main floor unit at $1150 per month including utilities and garage, basement unit at $705 per month including utilities. Seller is to confirm the current lease amount, amount of rent deposit, and confirmation that the lease is in good standing for each lease on closing. Seller will also provide direction to the tenants to pay rent due on or after closing to the buyer.*
About the Property
Check out this detached 2 storey triplex in Cambridge consisting of 5 above-ground bedrooms, 1 basement bachelor unit and 3 full bathrooms. The property has a footprint of 1454 sqft and sits on a 38.50ft x 110ft lot. As per the city of Cambridge, the property is classified as a triplex according to tax documents however they only have permits on file for use as a duplex with one unit on the main floor and one unit on the upper level. This indicates that the basement unit might not be legal. The property is dated throughout and will require a full cosmetic renovation. The property is tenanted by long term tenants that have been there for 10+ years. There are no leases in place for the current tenants. This property is perfect for an investor looking to end summer off with a great flip or an investor looking for a great rental property in Cambridge!
About the Neighbourhood
The subject property is situated in the Greenway neighborhood of Cambridge just west of the Elgin St North and Samuelson St intersection. Cambridge is located between London and the GTA just south of Kitchener. The property is surrounded by countless amenities such as restaurants, Freshco, Starbucks, parks, and more. There are two bus stops located within a 1-minute walk from the property and the Cambridge Bus Temrinal is only a 10 minute bus ride away providing easy transportation for commuters. HWY 401 is a 12-minute drive away providing access east towards the GTA and west towards London.
Property Details
- Detached 2 Storey Triplex
- 5+1 bedrooms
- Upper unit contains 2 bedrooms rented at $845 per month including utilities
- Main level unit contains 3 bedrooms $1150 per month including utilities
- Basement unit is a bachelor unit with a den $705 per month including utilities
- 3 bathrooms
- 1454 sqft above grade
- 727 sqft below grade
- Basement is a finished unit
- Has a separate entrance
- 7ft ceiling height
- Age of windows is unknown
- Age of roof is unknown
- Furnace is owned
- Exact age unknown
- Installed pre 2011
- No Central Air
- HWT is rented
- Exact age unknown
- Installed pre 2011
- Electrical is on fuse as per seller
- Appliances included in as-is condition
- 3 fridges, 3 stoves, washer, dryer
- Property taxes are about $3151
- Lot size: 38.50ft by 110ft
- Built in 1937
- Detached 1 car garage
- Zoning: R5
Recommended Renovations
- Cosmetic renovation
- Update electric panels
- Possibly make basement legal
- Cash for keys with tenants to have the property vacant
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| The Numbers
We are selling our assignable purchase contract for this excellent Fix and Flip or rental Opportunity
- Wholesale Price: $434,999
- We believe that this property is worth $500,000 “as-is” on the MLS
- We believe after a cosmetic renovation the property would sell for a price around $680,000 on the MLS.
- Buy now for $65k BELOW market value!
Comparable Analysis |
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- 60 Bond Street sold for $485,000 in May 2024 with both units being tenanted at the time of sale. This detached 2-storey duplex consists of 4 bedrooms and 2 bathrooms. It has a footprint of 1957 sqft and sits on a larger 50ft x 83ft lot. Cosmetically the comparable property is partially updated as the upper unit was recently renovated in 2019. The comparable has 1 less bedroom, 1 less bathroom, no basement den, no garage, and lacks a finished basement. The comparable also has one less unit. After making some adjustments, we believe the subject property would sell for around $500,000, in “as is” condition.
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- 54 Portland Street sold for $745,000 in January 2024. This detached 2-storey triplex consists of 7 bedrooms, 4 bathrooms, and a 1 car detached garage. All three units where rented at the time of sale. It has a footprint of 2065 sqft and sits on a larger 57ft x 120ft lot. The comparable property is mostly dated throughout but in much better condition than the subject property and has a brick exterior. The comparable has two more beds and one more bath than the subject property, however, the subject property does have a finished basement. After adjustments, we believe that the subject property would sell for a price of around $500,000 in “as-is” condition on the MLS.
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- 306 Dundas Street North sold for $615,000 in February 2024 after only 11 days on the market! This 2-storey brick legal duplex consists of 3+1 bedrooms, 2 bathrooms, and a 1 car detached garage. It has a footprint of 1122 sqft, and sits on a similar 34ft x 100ft lot. The comparable property is mostly updated throughout but still not a true ARV. Unlike the subject property, the comparable has one less unit, 2 less bedrooms, 1 less bathroom, and no den. The comparable is however a brick home which demands a premium over the siding of the subject property. At the time of sale the comparable was fully rented. After adjustments, and after a full cosmetic renovation, we believe that the subject property would sell for a price around $680,000.
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