Detached Bungalow in Grimsby with Potential to add a Legal Secondary Accessory Suite! Assigned

  • $624,999
  • 4 beds
  • 2 baths

Detached Bungalow in Grimsby with Potential to add a Legal Secondary Accessory Suite!

Fix & Flip or Rental Opportunity

$275K SPREAD from ARV!

$55K BELOW Market Value!

Lakeside Drive

Lakeside Drive, Grimsby, Ontario

Offer Date: January 17th, 2023
Closing Date: February 10th, 2023

About the Property

Check out this detached bungalow consisting of 4 bedrooms and 2 bathrooms. This property is in need of a full renovation to bring it back to its glory. There is a side entrance so there is potential to add a legal secondary accessory suite. The roof was redone 4 years ago but the windows need to be replaced as they are dated. There are no lights in the main living room where the front entrance is so we would recommend adding pot lights or a light fixture. There is some mold on the concrete walls in the basement that will need to be looked at. This property is perfect for am investor looking to add a fix and flip or BRRR to their portfolio.

About the Neighbourhood 

The subject property is located in a desirable neighbourhood of Grimsby. Located steps away from the lake this property would be great for an AirBNB or short term rental!  Grimsby is located 30 minutes south from Hamilton and about an hour away from Toronto. Located close to countless amenities this property is just a short drive away from the Real Canadian Superstore, Canadian Tire, Shoppers Drug Mart, McDonalds, Tim Hortons and countless others. The property is also only less than a 10 minute drive to the Hospital and a number of different beaches.

Property Details

  • Detached Bungalow
  • 3+1 bedrooms
    • 3 bedrooms on the main floor
    • 1 bedroom in the basement
  • 2 bathrooms
    • 1 full bathroom
    • 1 half bathroom
  • 1009 sqft above grade
  • 1000 sqft below grade
  • Basement has 8ft ceiling height with separate entrance
  • Windows need to be replaced
  • Roof was redone in 2018
  • Furnace is owned, purchased in 2021
  • HWT is a rental
  • A/C is owned, seller unaware of age
  • Property taxes are about $4141
  • 64ft by 100ft
  • Built in 1967
  • Zoning: RD3 (MPAC states R2 as this was the old zoning)

Recommended Renovations

  • Full cosmetic renovation
  • Add an acessory secondary suite
  • Seller has the option to leave junk behind so we would recommend budgeting for junk removal
Pictures and More
The Numbers

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

  • Wholesale Price: $624,999
  • We believe that this property is worth $680,000 “as-is” on the MLS
  • We believe that after a full renovation this property should be worth at least $900,000
  • Buy now for 55K BELOW market value!

Comparable Analysis

  • 17 WOODSVIEW Avenue sold for $680,000 December 2022. This comparable consists of 3 beds 2 bath and is dated throughout. The comparable is similar in size and sits on a similar lot size.  The comparable is further away from the lake and there is no garage. Therefore, after adjustments, we believe the subject property would sell for around $680,000, in “as is” condition.
  • 8 Cottage Avenue sold for $930,000 in December 2022. The comparable property consists of 3 beds 2 bath and is slightly bigger in size than the subject property. The comparable sits on a slightly larger lot size and is completely renovated throughout with a fully finished basement. After a complete renovation, and depending on finishes, we believe the subject property would sell for around $900,000 in on the MLS.
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Need Financing?
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

If You’re Interested….

Email us at 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

Assignment of Contract
Property Type:
Year Built:

Call 647-930-0291 for more details